Money & Banking
Thousands join #TweetMorcha for #BankSeBachao against bank charges
Thousands of people on Tuesday joined the unique #TweetMorcha against arbitrary bank charges with the hashtag #BankSeBachao trending at top spot in India and also featuring in worldwide trends in the afternoon. People from across the globe sent tweets to @NarendraModi and @ArunJaitley with the hashtags of #BankSeBachao and #TweetMorcha.
 
Moneylife Foundation, along with Sanjay Nirupam, chief of Mumbai Regional Congress Committee and India’s leading bank union leaders, consumer organisations and activists had called a #TweetMorcha, a unique new form of registering an online protest to take up the issue of high bank charges. The aim of this Tweet Morcha was give  voice to the anger of all those who are being forced to pay unfair bank charges and unjust fees and make it heard by the Prime Minister. All the tweets were tagged the Prime Minister Narendra Modi’s twitter handle @narendramodi.
 
The objective of this protest was to unite the voice of the agitated and vulnerable bank customers who are being subjected to unfair practices by big banks since the charges that banks are levying on their customers amount to being illegal. The protest was kicked off at a live event in Mumbai with Mr Nirupam, Sucheta Dalal, Trustee of Moneylife Foundation along with members of civil society, NGOs, bank union members, bankers, activists and others. They tweeted to Narendra Modi, the Prime Minister and Arun Jaitley, the Finance Minister demanding action be taken against the banks with the hashtags #TweetMorcha and #BankSeBachao and in a matter of minutes the hashtags began to trend.
 
(Source: TalkWalker)
 
Mr Nirupam says, "The Prime Minister is more active on Twitter. Hence, we have chosen this platform to address this serious issue. We want him to hear the plea of the common man who suffers on a daily basis due to the unjust practices of the banks. Today hundreds of victims of bank atrocities gathered and tweeted about this issue voicing their opinions and rage addressing it to the Prime Minister. We hope that this plea doesn't go unanswered and an appropriate action is taken against the banks".
 
(Source: Keyhole.co)
 
"Earlier, we approached the Reserve Bank of India (RBI) and the Finance Minister seeking help. However, our plea went unheard. But there is nothing like the unity of common people. Hence, people came together and tweeted to the Prime Minister expressing their views and disappointment over increasing bank charges. This protest not only aimed at bringing the prejudices of bank down but also to show them the strength of unity of the common people in this country", says Ms Dalal.
 
Along with the people who gathered at the venue, hundreds of other angry customers joined in the Morcha from various parts of the world voicing and registering their protest. 
 
(Source: Keyhole.co)
 
As part of its advocacy efforts, Moneylife Foundation has led the effort to fight for customer rights. Despite our efforts, we have seen very little evidence on the ground of concrete action by the regulator. 
 
Moneylife Foundation has been at the forefront of speaking up for bank customers. An online petition launched by us has garnered more than 2.13 lakh signatures. (Sign the Petition). The group, including well known NGOs, trade unions, finance editors and experts, had on 12 May 2017 presented a 1,100 page printout of over 100,000 signatures to an online petition at Change.org to M Veerappa Moily, Chairman of Parliamentary Standing Committee on Finance.   
 

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COMMENTS

DEBOTTAM CHOUDHURY

2 weeks ago

It is surprising ppl complain bout HDFC Bank charges but do not close their accounts with HDFC Bank. Expectation is that services will be provided for free. Maybe they should try opening and running a free bank

REPLY

B. Yerram Raju

In Reply to DEBOTTAM CHOUDHURY 2 weeks ago

Who said that services should be free? The cost of such services should be within reasonable limits. Regarding the closure of the account of the bank account with HDFC or with any other Bank, there must be some better option. When there is silent cartellisation, the customers have to stay put.

sanjay shah

3 weeks ago

RBI Governor Puppet of Prime Minister have joined hands with Prime Minister to take Charge. All are one. Like when Doctor and Medical Store United where patient will go. They have literary yield nothing by demonetization. To cover their big failure now they are charging bank customers with fancy type of charges. Ask them have they took permission in writing from customer before providing facilities customers never asked for? With very very late and paralyzed Judiciary systems we are not able to do anything against this bankers. I suggest to pull all your Fixed Deposites and invest elsewhere like in Post, HDFC Ltd etc. to know them people's strength.

Raj Mishra

3 weeks ago

Completely with the team on bank charges , with every new rule the banks make it clear that they are out there to fleece the middle class. But i have reservations with political involvement as it may completely hijack the cause.

Narender Sharma

3 weeks ago

Paying to withdraw their own money. purely nonsense

Sadashiv Narasappa Sankpal

3 weeks ago

Protest rise in services charges by Banks. Spare senior citizen's please

Deven Shah

3 weeks ago

Excellent. Please keep it up.

himanker gupta

3 weeks ago

Money which bank has drop as bad loan due there greed for saction on without due security. They try to recover it from comman man

SRINIVAS SHENOY

3 weeks ago

I hope our voices against unjust bank charges are given a patient hearing and suitable guidelines are issued to stop these unfair monopolistic practices.

Nifty, Sensex must stay above Tuesday’s low for the uptrend to continue – Tuesday closing report

We had mentioned in Monday’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets were range-bound on Tuesday and closed flat. The trends of the major indices in the course of Tuesday’s trading are given in the table below:

 

Broadly negative global cues and selling pressure in automobile, healthcare and FMCG (fast moving consumer goods) stocks dampened investors' sentiments. On the NSE, there were 699 advances, 780 declines and 63 unchanged. There is market resistance when the indices try to fall lower and so the medium trend of the market is bullish.

As India shifts to a cashless economy, cyber-threats are at a new high with the number of such incidents occurring in banking systems increasing in the last five years, a study here said on Tuesday. The joint study by Assocham and PwC said that an ATM card hack hit the Indian banks in October last year, affecting around 3.2 million debit cards. "Hence, efforts are needed to enhance cyber security as businesses and citizens embrace this new digital wave," the study noted.

 

Central Bank of India's shareholders have approved a proposal to raise Rs6,500 crore through follow-on public offer (FPO), rights issue and qualified institutional placement (QIP). The state-owned lender on Monday said its shareholders approved the company's capital raising plans at the annual general meeting (AGM) held on June 30 at Mumbai. Central Bank shares closed at Rs87.10, down 0.23% on the BSE.

 

The Delhi High Court on Monday asked budget carrier SpiceJet to pay Rs250 crore as cash deposit and Rs229 crore in bank guarantee in connection with a share transfer dispute with previous owner Kalanithi Maran. A division bench of Justice S. Ravindra Bhat and Justice Yogesh Khanna, while dismissing the plea of SpiceJet and its co-founder Ajay Singh against a single judge order directing it to deposit Rs579 crore in share dispute with Maran, asked them to pay the money. SpiceJet was asked to deposit Rs250 crore in cash by August 31. This is one more blow to the ailing aviation sector after Kingfisher Airlines collapsed a few years ago. The airlines’ shares closed at Rs126.80, down 1.48% on the BSE.

 

Leading footwear brand Khadim India on Monday said it has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for its initial public offering (IPO). According to the company, the IPO will comprise of a fresh issue aggregating up to Rs500 million and an offer for sale of up to 6,574,093 equity shares by the "selling shareholders". "The equity shares will have a face value of Rs10 each. The issue will be on book-building basis and the price band decided later," the company said in a statement. "The net proceeds from the fresh issue are proposed to be utilised towards prepayment or scheduled repayment of all or a portion of term loans and working capital facilities availed by the company and for general corporate purposes." As of March 31, the company operated 829 'Khadim's' branded exclusive retail stores across 23 states and one union territory in India, through their retail business vertical. In a range-bound stock market, with the indices often closing flat, IPOs of companies with good financial results are likely to do well.

 

While petroleum is yet to come under the GST, petrol prices per litre have decreased by Rs2.35, and of diesel by Rs1.02, ever since the daily revision in rates was implemented throughout the country from June 16. On that day, petrol cost Rs65.48 a litre in Delhi, while diesel sold for Rs54.49 per litre. Prices vary at locations according to state taxes. The Goods and Services Tax (GST), which rolled out pan-India, except in Jammu and Kashmir, from July 1 is a unified national tax subsuming the earlier myriad central and state levies and the petroleum industry has been demanding inclusion in the new regime so as not to lose the benefit of input tax refund available under the GST. Indian Oil Corporation shares closed at Rs382.15, down 1.18% on the BSE.

 

The top gainers and top losers of the major indices are given in the table below:

 

 

The closing values of the major Asian indices are given in the table below:

 


 

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Price glitch leaves tech giants stocks fixed at USD123.47
In after-hours trading on the eve of the US Independence Day, a stock market data error set major tech companies like Apple, Google and Amazon listed on the Nasdaq exchange to the same share price of $123.47 late on Monday, that saw Amazon going down 87% and Facebook game maker Zynga up a massive 3,292%.
 
As a result of the glitch, which Nasdaq said was caused by "faulty test data being improperly disseminated by third-party vendors", several stocks briefly showed their price to be USD123.47. 
 
Prices on Nasdaq's official website appeared unaltered but the issue was replicated across financial data services including Bloomberg, Thomson Reuters, Google Finance and Yahoo Finance which displayed the incorrect price change, Financial Times reported on Tuesday.
 
The glitch made Apple appear down by 14.3%.
 
Nasdaq said the glitch did not affect any market trading, including after hours. 
 
However, traders in Hong Kong were quoted as saying they saw a handful of trades reported at those prices, although many deals were subsequently cancelled.
 
At the USD123.47 price, Microsoft jumped 79.1%, which would value the company at nearly USD1 trillion.
 
For tech giant Amazon which had an opening price of USD972.79 a share, the error had a catastrophic effect on the appearance of its market cap while other companies like struggling Facebook game maker Zynga saw their stock price soaring by a massive 3,292%. 
 
If the declines had actually occurred, it would have knocked USD104 billion off the market value of Apple, the world's most valuable stock. Amazon's market cap would have dropped USD396 billion, the report added.
 
In a statement to the Financial Times, Nasdaq said the culprit was "improper use of test data" that was picked up by third party financial data providers. The exchange said it was "working with third party vendors to resolve this matter."
 
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

pradip

3 weeks ago

Makes amusing reading. But there's lesson to be learnt. Improper use of test data or whatever should be studied by all concerned. Next time or mar not be harmless. It can cause unprecedented upheaval and redistribution of wealth across investors. In fact FAR, failure analysis report and remedial measures be shared with all. So it doesn't repeat.

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