ONGC entrust AK Hazarika with additional charge of CMD & director (Exploration)

A graduate in mechanical engineering from Assam Engineering College, AK Hazarika joined ONGC as graduate trainee in 1976

The government of India has entrusted the additional charge of chairman & managing director, ONGC and director (Exploration), ONGC to AK Hazarika, director (Onshore), ONGC from 1 February 2011.

Mr Hazarika is a first class graduate in mechanical engineering from Assam Engineering College, Guwahati. He joined ONGC as graduate trainee in 1976. His first assignment was as driller (Cementing) in Assam. He remained in Assam upto 1989 at various important positions with increasing complex responsibilities.

Mr Hazarika rose to the position of executive director and chief-well services in January 2003. Mr Hazarika was selected by government of India to the position of Director (Onshore) in September 2004 at Delhi where he is presently looking after all the onshore operations of ONGC spread over the entire country.

The additional responsibilities of Mr Hazarika include director on board-in ONGC Videsh Ltd, ONGC Tripura Power Company and chairman of ONGC TERI Bio-tech. Ltd, director in-charge-material management, health, safety & environment and carbon management group.


Credit card usage via phone to become more secure from Tuesday

The new step has been taken as a safeguard against credit card frauds. There has been an uptick in credit card frauds, where lost or stolen cards can be used by anyone

New Delhi: Credit card usage over the phone will need an additional security layer from tomorrow, as the Reserve bank of India (RBI) has made it mandatory for customers to get a single-use password from their banks for every such transaction, reports PTI.

Banks are required to comply with the new guidelines with effect from 1st February, after which the customers would be declined any telephonic transaction for their credit cards without an additional One-Time Password (OTP).

The RBI directive was earlier scheduled to come into effect from 1st January, but the deadline was extended by one month after some banks sought additional time to put the required changes in their systems in place.

After consultations among its top officials, as also with the bank representatives, RBI gave banks time till 1st February for putting the new security measure in place.

The OTP will now be required for all credit card transactions over phone, including payments and automated IVR (Interactive Voice Response) services.

The OTP will be valid for a single use and would remain in effect for a period of two hours. Customers would need to generate a separate OTP for each IVR transaction.

After the new security layer, the customers would need at least five sets of numbers to conduct a credit card transaction over phone-the 16-digit card number, card expiry date, CVV (Card Verification Value, which is printed on the back of the card) number, mobile number and the OTP.

The new step has been taken as a safeguard against credit card frauds. There has been an uptick in credit card frauds, where lost or stolen cards can be used by anyone.

For transactions where cards are needed to be presented physically, the RBI has already made it mandatory for an identity verification and the signature also needs to be matched with that on the card.

But phone and internet banking have been a matter of grey areas in terms of their misuse.

The added security layer for phone banking follows a similar step taken by the banks for internet banking transactions.

Last year, RBI had made it mandatory for banks to put in place an additional security layer for all credit card transactions over the internet.

Banks are already communicating to their customers to get the OTP for their phone banking transactions. The customers will be prompted to get the OTP whenever they initiate a phone banking transaction Tuesday onwards.

The password will be sent only to the registered mobile number and email address of the customer.


DB Realty Q3 net up 71% at Rs108 crore

Despite the December quarter being a challenging one for the real estate sector, DB Realty was able to achieve a commendable performance

New Delhi: Real estate major DB Realty today reported a 71% increase in its consolidated net profit to Rs108.7 crore for the quarter ended December 31, as against Rs6.37 crore in the year-ago period, reports PTI.

Its revenue rose by 51% to Rs273.2 crore during the October-December quarter, as compared with Rs181.3 crore in the corresponding quarter last fiscal, DB Realty said in a filing to the Bombay Stock Exchange.

"This quarter has been challenging for the real estate sector given the tight liquidity condition and rise in interest cost. Despite these, DB Realty's performance has been stable as we continue to consolidate our portfolio," DB Realty group director (strategy and finance) N Sridhar said.

The company's debt stands at Rs387 crore as on 31 December 2010.

The Mumbai-based firm sold 1.17 million sq ft of area during the third quarter worth Rs965 crore.

DB Realty has developed more than 14.4 million sq ft of area so far and currently has 61 million sq ft of housing, commercial and hospitality space in hand.


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