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From the very beginning, Infosys set standards and created benchmarks in transparency, good governance and accountability. But when circumstances changed, this pretty picture began to get dented bit by bit, starting with TV Mohandas Pai’s stormy exit around the time that NRN hung up his boots
“The biggest comeback since Indira Gandhi,” is how The Economist blog described the return of...
Who checks the quality of technology or data-matching algorithms used by CIBIL or the other credit bureaus? What is the redress process, when it fails?
At Moneylife’s ‘Open House’ with RBI deputy governor Dr KC Chakrabarty on 3rd June, an angry customer stood up to complain about Credit Information Bureau of India Limited (CIBIL), which practically enjoys a monopoly of the credit bureau business. On 4th June, we received an angry letter from one Umesh Dhawan whose Rs5-lakh loan was rejected because he was shown as a defaulter by CIBIL. He was under the impression that his banker had reported him. But we discovered that the problem was far worse. CIBIL apparently used its own algorithm to match data and ended up mixing his data with that of another person called Umesh Uhawan. Once again, the question is: Who checks the quality of technology or data-matching algorithms used by CIBIL or the other credit bureaus? What is the redress process, when it fails?
CIBIL claims that the number of incorrect credit data, because of inaccurate matching of information, is low and on par with credit bureaus of similar size abroad. Who will verify if this claim is true? And how is a customer going to be compensated for the untold harassment suffered? If, as CIBIL claims, the mismatch of data leading to wrong reporting is so low, surely, RBI can mandate compensation for customers. At present, CIBIL gets away with a vague regret letter and a correction of records, when its goof up and poor redress mechanism can ruin the financial life of its hapless victim.
NOTE: If you are facing similar issue, you may want to get help from Moneylife Foundation's free Credit Helpline http://www.freecredithelp.in/
Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, the industry was abuzz with speculation that Kardassis was on his way out
Jet Airways chief executive Nikos Kardassis has resigned after a five-year stint with the company, and chief operating officer Capt Hameed Ali is the interim chief executive, the airline said on Friday.
The Naresh Goyal-led airline said in a filing to the BSE that Kardassis resigned with effect from 5th June, but it did not give any reason.
This was his second innings with Jet. Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, whereby it agreed to sell 24% stake for Rs2,042 crore, the industry was abuzz with speculation that Kardassis was on his way out.
Etihad reportedly demanded a change in the management under the deal, including removal of Goel’s wife from the airline’s board.
Under the sale agreement, the terms of which are being reworked following the Securities and Exchange Board of India’s (SEBI) objections, the Arab carrier will get three board members, including the CEO.
Kardassis returned to Jet on 15 October 2009 as acting CEO after Wolfgang Prock-Schauer quit, and was appointed CEO from 20 May 2010. Kardassis’ first term with Jet started in 1994 and lasted till 1999 and he was instrumental in the restructuring, cost/network management of the airline.
He had also served as senior vice-president, the Americas, for Jet, prior to his appointment as the CEO.
Meanwhile, the Foreign Investment Promotion Board will take up Gulf carrier Etihad’s planned stake buy in Jet Airways India on Tuesday.
For the quarter ended March, Jet reported deeper losses at Rs495.53 crore against a net loss of Rs298.12 crore for the same period year-ago. Total income from operations declined to Rs3,922 crore in the March quarter from Rs4,041.61 crore in the year-ago period.
For the full fiscal 2012-13, the second largest airline improved its bottomline by massively narrowing the losses to Rs485.5 crore against a net loss of Rs1,236 crore in FY12.