Citizens' Issues
Most merchants still have not adopted chip card technology, says ConsumerAffairs.com
According to ConsumerAffairs.com, this season, holiday shoppers likely to encounter the old swipe card readers
 
With the holiday shopping season now in full swing, retailers are braced for the heaviest shopping days of the year. However, the results of a recent 2015 Merchant Survey, conducted by Fattmerchant, has found that 72% of business owners have not yet adopted EMV-compliant technology, putting them at risk for fraudulent activity, says ConsumerAffairs.com in a report.
 
In the report, Mark Huffman from ConsumerAffairs.com, says, since 1st October, merchants have been liable for credit card fraud, a change from when the credit card companies were on the hook. 
 
Quoting Fattmerchant report, Huffman says, “With fraud rates reaching 200% of the average rate on Christmas Eve and Christmas Day alone, businesses without EMV technology will be held financially responsible for fraudulent transactions, making these stats particularly alarming.”
 
According to the report, the National Retail Federation (NRF) has also expressed concern that so many retail businesses are exposed. But the trade association has also pushed hard for a revision in the EMV card system by asking that a PIN be added. Without it, the more secure chip cards can still be used if… Continue Reading…
 

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RBI's 5th monetary policy review of fiscal on Tuesday
The fifth bi-monthly monetary policy review of the current fiscal by the Reserve Bank of India, to be announced on Tuesday is unlikely to propose any further rate cuts, analysts aver.
 
In its previous policy review on September 29, the central bank cut the repo rate, at which it lends to commercial banks, by 50 basis points to 6.75 percent, raising the cumulative rate cuts for the calendar year to 125 basis points. 
 
Analysts say RBI is unlikely to cut rates further, ahead of the US Federal Reserve's policy review due mid-December.
 
"Fast changing geo-political situation in the Middle East and the increased terror threat with consequent economic costs will surely weigh on the RBI's policy stance which is not expected to give any more cut in the interest rates in the ensuing review," said the Associated Chambers of Commerce and Industry (Assocham) in a release here.
 
"Then the whole issue of rupee stability in the backdrop of chances that US Fed may raise the interest rates, would influence the monetary policy and the industry must be prepared for the unfolding events," the industry chamber said in a pre-policy note.
 
"Given the 'front-loaded' rate cut in September 2015 and the incrementally modest transmission of past easing, the uncertainty related to the monsoon and efficacy of food management in 2016 and the impact of the impending pay revision for government employees pose key risks to the achievement of the RBI's target of containing CPI inflation below 5 percent by Q4 FY17," it added.
 
Consumer price-indexed (CPI) -- or retail -- inflation rose in October to 5 percent, which was a four-month high. Inflation, in September, was at 4.41 percent.
 
The government's total outlay for paying salaries to its staff will rise by Rs.102,000 crore, which, if the Seventh Pay Commission recommendations are accepted in totality, will put pressure on its fiscal deficit control efforts.
 
Rabi crop output has been lower than expected, while prices of pulses have been rising, which are bound to put pressure on food inflation.
 
The RBI recently lowered its growth forecast for the country's current fiscal to 7.4 percent, from the 7.6 percent it had projected earlier.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

2 years ago

RBI's monetary policy statement at the beginning of the year and the bi-monthly reviews go much beyond 'base rate management'. Still, an impression is being created that RBI is eternally under pressure to cut rates and as if the cut or increase in rates can happen only on the day of the review, which is not the cse.
Stakeholders should learn to give inputs to policy makers which will help in policy formulation.

India's financial conditions better over previous quarter: CII-IBA
Ahead of the Reserve Bank of India's fifth bi-monthly policy review for this fiscal next week, industry chamber CII on Sunday said the country's overall financial conditions have shown a healthy improvement, thanks to low cost of funds, strong liquidity, better external financial linkages and uptick in economic activity.
 
"The CII-IBA Financial Conditions Index at 70.3 for Q3 FY 2015-16 shows healthy improvement in the overall financial conditions in the Indian economy vis-a-vis the previous quarter," the Confederation of Indian Industry (CII) said, citing its latest survey.
 
The index is based on a survey of major banks and financial institutions on their expectations of key financial and economic variables determining financial conditions of the Indian economy.
 
A majority of respondent banks and financial institutions surveyed reported improvement or no change in overall financial conditions as against a deterioration over the previous quarter.
 
"It is heartening to note that financial conditions of the Indian economy are improving in tandem with the overall macro-economic outlook," said CII director general Chandrajit Banerjee.
 
"The scale of improvement in the financial conditions index for the current quarter will provide necessary comfort to RBI in continuing and further extending the accommodative monetary policy stance for supporting higher economic growth," he said.
 
A total of 36 leading banks, including 21 state-run ones, and financial institutions took part in the survey.
 
"The directional change in the performance of the financial conditions index augurs well for the Indian economy," Indian Banks' Association and Dena Bank chairman Ashwini Kumar said in the statement.
 
"With RBI reducing the repo rate by 50 basis points just before the beginning of the current quarter, a majority of respondent banks and financial institutions expect the overall cost of funds to decline in the current quarter," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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