CONSUMER INTEREST


IANS 31 October 2019
Nearly 1.3 million debit and credit card data of Indian banking customers that can fetch up to $130 million for cybercriminals are available on Dark Web for open sale.   According to ZDNet, the cards' details is available on Joker's Stash -- one of the oldest card shops on the dark...

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Moneylife Digital Team 31 October 2019
The administrator appointed by Reserve Bank of India (RBI) on scam-hit Punjab & Maharashtra Cooperative (PMC) Bank has asked permission form economic offences wing (EOW) of Mumbai police to sell attached properties of Housing Development Infrastructure Ltd (HDIL) and the company promoters,...

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IANS 23 October 2019
The aggrieved depositors of the scam-hit Punjab & Maharashtra Cooperative Bank Ltd found no solution at a meeting with Reserve Bank of India (RBI) officials as the apex bank Governor Shaktikanta Das is currently touring abroad, representatives said here on Tuesday.   A delegation of...

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Talia Buford (ProPublica) 22 October 2019
A New Jersey utility sparked outrage for charging customers to subsidize nuclear plants. We checked the bills. Turns out, that was just one of 16 lurking surcharges.   New Jersey was reeling from the Great Recession, and Gov. Jon S. Corzine had a plan. Infrastructure projects, he...

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IANS 21 October 2019
Banking operations across the country will be affected on Tuesday as about 3.5 lakh bank employees will be on strike to protest mergers of government banks, said a top leader of All India Bank Employees' Association (AIBEA).   "Members of AIBEA and BEFI (Bank Employees Federation of...

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IANS 21 October 2019
In an apparent lapse in product quality checks, third party sellers on Amazon have been selling long expired food including old Hostess brownies and Teavana goods which were discontinued in 2017, the media reported.   There have been reports of the retail giant's marketplace having...

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Moneylife Digital Team 15 October 2019
One more depositor, Sanjay Gulati, whose family have about Rs90 lakh stuck in the fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank, died on Monday due to to cardiac arrest soon after returning home from a protest against the bank at Killa Court in Mumbai. Irony is he first lost his job...

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Moneylife Digital Team 14 October 2019
Seeking urgent action to safeguard depositors of cooperative banks that are witnessing frequent failures, Moneylife Foundation, a Mumbai-based non-profit consumer organisation (NGO), along with knowledgeable consumer activists, former bankers and trade unions, has sent a memorandum to Reserve...

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Among the disruptive financial technology (fintech) practices, app-based lending is certainly notable. The scenario of an app-based lending is somewhat like this – a prospective borrower goes to an app platform, fills up some information. At the background, the app collects and collates the...

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Moneylife Digital Team 11 October 2019
While we have regular loan waivers and corporate loan write-offs, why is no there financial system to protect the common man's savings, asks Deepak Parekh, chairman of Housing Development Finance Corp (HDFC).    "To my mind, there is no greater cardinal sin in finance than the misuse...

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Moneylife Digital Team 10 October 2019
Facing flak from several quarters on the Punjab & Maharashtra Co-operative (PMC) Bank fraud case, finance minister Nirmala Sitharaman on Thursday says if amendments help in better regulation, the union government would go ahead with the required legislative procedure in cooperative sector....

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Moneylife Digital Team 09 October 2019
Reliance Jio Infocomm Ltd (Jio) while intensifying its agitation against Telecom Regulatory Authority of India (TRAI), has decided to charge 6 paisa per minute from all users who will call any other operator. Jio, however, says, since it will be providing equivalent data for the value of this...

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IANS 09 October 2019
The State Bank of India (SBI) on Wednesday cut interest rate on savings deposits, with a balance of upto Rs 1 lakh, by 25 bps to 3.25 per cent from November 1, and slashed retail & bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to less than 2-year tenor from October...

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IANS 09 October 2019
The State Bank of India (SBI) on Wednesday announced lowering its marginal cost of funds based lending rate (MCLR) by 10 basis points across all tenors to 8.05 per cent from October 10. The MCLR cut will make home and other retail loans cheaper for the existing borrowers.   The bank's...

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Once again, it is the same story. Poor service from a well-known corporate name lets down a young couple who, eventually, wrested an order that slapped a warning and a cost on Kesari Tours Pvt Ltd.   Mr and Mrs Nair had planned a honeymoon in New Zealand. Mr Nair had planned...

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Whenever there is a financial scandal, a number of foolish solutions emerge. They are often like Band-Aid for a festering wound. Ostensibly aimed at protecting us, these solutions can end up harming us even more. They can impose a crippling long-term cost on innocent depositors, while letting...

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Moneylife Digital Team 04 October 2019
The Reserve Bank of India (RBI) has raised withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd (PMC Bank) to Rs25,000 from Rs10,000. RBI has also appointed a three member committee to assist the administrator of PMC Bank.   "The RBI again reviewed the bank's...

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Moneylife Digital Team 01 October 2019
With the festive season around the corner, it is raining smartphones in the Indian market. Some of the biggest players have launched the most anticipated phones of the year to kick-off the celebrations.    To add to this, Amazon and Flipkart’s online festive sales further present...

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Moneylife Digital Team 26 September 2019
After facing a backlash from disgruntled customers and social media, the Reserve Bank of India (RBI) on Thursday increased the withdrawal limit to Rs10,000 from Rs1,000 for customers of Punjab and Maharashtra Cooperative (PMC) Bank.   In a notification, RBI says, "it has been decided...

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IANS 26 September 2019
The steps taken to reverse the economic slowdown, along with the upcoming festive season offers, might have the potential to accelerate the automobile sector's sales growth, industry insiders opined.   The trend of reduced prices on the back of recent corporate tax sops is expected to...

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