Naveen Jindal (@MPNaveenJindal) tweeted at 3:55 PM on Sat, Jan 26, 2013: Just landed in Thiruvanthapuram in Kerala with @ShashiTharoor to hoist a 200 ft monumental National flag .. http://t.co/qLVzpMtr (https://twitter.com/MPNaveenJindal/status/295115337089810432) Get the official Twitter app at https://twitter.com/download
Saturday, 26 January 2013
Thursday, 24 January 2013
How to file a complaint against your bank
How to file a
complaint against your bank
Laxmi Bhardarkar, an 81-year-old retired
schoolteacher from Mumbai, feared phone calls till recently. It wasn't
suprising considering that she had received nearly 1,500 threatening, abusive
calls for over two months. Bhardarkar's fault? Her son had pending dues on his credit
card, a transaction he had not even carried out. He had sent a letter to the
bank, pointing out the error and refusing to pay.
After this, he had to go abroad for an
official assignment, and while he was away, the bank appointed recovery agents,
who started harassing his mother. The ordeal ended when the family contacted
the police. The Bhardarkar family isn't alone in its predicament, nor is it the
only grievance against banks. In 2011-12, 48,180 complaints were filed against
public-sector banks alone. Here are the steps you need to take to redress your
grievance.
Step 1: Complain to
your bank
According to Adhil Shetty, CEO,
Bankbazaar.com, nearly all banks have a grievance cell. "So a customer can
visit the bank and meet the officials to sort out the issue," he says.
Banks have a dedicated toll-free customer care number, which you can use to
lodge your grievance and get a complaint ID. "You can also register a
complaint on the bank's website," he adds.
KS Harikumar, head, operations, Federal Bank,
explains that e-mails can also be sent to the service quality department in
public-sector banks. "This is an exclusive unit dealing with customer
grievances and headed by an executive of the rank of general manager. The
complaints posted directly on the bank's website are also resolved by this
department," he says. Harikumar adds that some banks have begun or are in
the process of starting a real-time monitoring system for the complaints
received centrally through the customer relationship management (CRM), which is
set up in all branches.
Once the complaint is lodged, the customer
needs to wait for 30 days for the bank to offer a solution or give a suitable
reply.
Step 2: Approach the
banking ombudsman
If your bank does not address your complaint
within a month, you can approach the banking ombudsman. This is a senior
official appointed by the Reserve Bank of India to redress customer complaints
against deficiency in banking services, as per its scheme introduced in 1995.
All scheduled commercial banks, regional rural banks and scheduled primary
cooperative banks are covered under the scheme. So far, there are 15 ombudsmen,
whose offices are located mostly in state capitals. Their addresses and contact
details are available on the RBI website.
The ombudsman tries to effect a legally
binding settlement between both the parties within a month. However, if a
settlement is not possible, it will pass an award after allowing both the
parties to present their cases to him.
Types of grievances
When the scheme was introduced, it addressed
complaints such as non-payment or delayed payment of cheques and drafts, and
services such as remittances. However, in the ensuing years, the scope has
widened to include grievances related to plastic money, unfair banking practices,
levying of service charges without prior intimation, transactions on the
Internet banking platform, and the like. Deficiency in service with respect to
loans and advances, say, delays in sanctioning/disbursing loans and
non-acceptance of loan applications without a valid explanation, are also valid
grounds for complaint. For a complete list of the types of complaints you can
take up under this scheme, visit rbi.org.in/scripts/FAQView.aspx?Id=24.
Lodging a complaint
You have to file the complaint at the office
of the ombudsman under whose jurisdiction your bank branch is located. The
grievances relating to credit cards and other types of services with
centralised operations are to be filed with the ombudsman in whose territorial
jurisdiction the billing address of the customer is located.
You can put it down on a plain paper, send an
e-mail, or
The ombudsman can reject a customer's
complaint if he has not approached his bank for grievance redressal first, or
if the subject is pending for disposal, or has already been dealt with at any
other forum, such as a court of law or consumer court. Also, the complaint will
not be considered if more than one year has passed since the customer has heard
from the bank, or 13 months since the date of representation to the bank.
Compensation limit
The scheme caps the amount of compensation
that can be doled out to Rs 10 lakh or actual loss suffered, whichever is lower. The
ombudsman may choose to award the compensation, not exceeding Rs 1 lakh, to the
complainant for mental agony and harassment. However, so far, this has been
limited to complaints regarding credit card operations.
Legal route
If you are not happy with the settlement
offered by the ombudsman, you can file an appeal before the appellate authority
within 30 days. The appellate authority in this case is the deputy governor of
the RBI. Alternatively, you can approach consumer redressal forums, which take
up bank-related complaints, or even the courts. Source: Economic Times
Best Regards
Prakash Nair
complaint against your bank
Laxmi Bhardarkar, an 81-year-old retired
schoolteacher from Mumbai, feared phone calls till recently. It wasn't
suprising considering that she had received nearly 1,500 threatening, abusive
calls for over two months. Bhardarkar's fault? Her son had pending dues on his credit
card, a transaction he had not even carried out. He had sent a letter to the
bank, pointing out the error and refusing to pay.
After this, he had to go abroad for an
official assignment, and while he was away, the bank appointed recovery agents,
who started harassing his mother. The ordeal ended when the family contacted
the police. The Bhardarkar family isn't alone in its predicament, nor is it the
only grievance against banks. In 2011-12, 48,180 complaints were filed against
public-sector banks alone. Here are the steps you need to take to redress your
grievance.
Step 1: Complain to
your bank
According to Adhil Shetty, CEO,
Bankbazaar.com, nearly all banks have a grievance cell. "So a customer can
visit the bank and meet the officials to sort out the issue," he says.
Banks have a dedicated toll-free customer care number, which you can use to
lodge your grievance and get a complaint ID. "You can also register a
complaint on the bank's website," he adds.
KS Harikumar, head, operations, Federal Bank,
explains that e-mails can also be sent to the service quality department in
public-sector banks. "This is an exclusive unit dealing with customer
grievances and headed by an executive of the rank of general manager. The
complaints posted directly on the bank's website are also resolved by this
department," he says. Harikumar adds that some banks have begun or are in
the process of starting a real-time monitoring system for the complaints
received centrally through the customer relationship management (CRM), which is
set up in all branches.
Once the complaint is lodged, the customer
needs to wait for 30 days for the bank to offer a solution or give a suitable
reply.
Step 2: Approach the
banking ombudsman
If your bank does not address your complaint
within a month, you can approach the banking ombudsman. This is a senior
official appointed by the Reserve Bank of India to redress customer complaints
against deficiency in banking services, as per its scheme introduced in 1995.
All scheduled commercial banks, regional rural banks and scheduled primary
cooperative banks are covered under the scheme. So far, there are 15 ombudsmen,
whose offices are located mostly in state capitals. Their addresses and contact
details are available on the RBI website.
The ombudsman tries to effect a legally
binding settlement between both the parties within a month. However, if a
settlement is not possible, it will pass an award after allowing both the
parties to present their cases to him.
Types of grievances
When the scheme was introduced, it addressed
complaints such as non-payment or delayed payment of cheques and drafts, and
services such as remittances. However, in the ensuing years, the scope has
widened to include grievances related to plastic money, unfair banking practices,
levying of service charges without prior intimation, transactions on the
Internet banking platform, and the like. Deficiency in service with respect to
loans and advances, say, delays in sanctioning/disbursing loans and
non-acceptance of loan applications without a valid explanation, are also valid
grounds for complaint. For a complete list of the types of complaints you can
take up under this scheme, visit rbi.org.in/scripts/FAQView.aspx?Id=24.
Lodging a complaint
You have to file the complaint at the office
of the ombudsman under whose jurisdiction your bank branch is located. The
grievances relating to credit cards and other types of services with
centralised operations are to be filed with the ombudsman in whose territorial
jurisdiction the billing address of the customer is located.
You can put it down on a plain paper, send an
e-mail, or
The ombudsman can reject a customer's
complaint if he has not approached his bank for grievance redressal first, or
if the subject is pending for disposal, or has already been dealt with at any
other forum, such as a court of law or consumer court. Also, the complaint will
not be considered if more than one year has passed since the customer has heard
from the bank, or 13 months since the date of representation to the bank.
Compensation limit
The scheme caps the amount of compensation
that can be doled out to Rs 10 lakh or actual loss suffered, whichever is lower. The
ombudsman may choose to award the compensation, not exceeding Rs 1 lakh, to the
complainant for mental agony and harassment. However, so far, this has been
limited to complaints regarding credit card operations.
Legal route
If you are not happy with the settlement
offered by the ombudsman, you can file an appeal before the appellate authority
within 30 days. The appellate authority in this case is the deputy governor of
the RBI. Alternatively, you can approach consumer redressal forums, which take
up bank-related complaints, or even the courts. Source: Economic Times
Best Regards
Prakash Nair
Sunday, 20 January 2013
Poster free chennai- chennai poster hatao
Dear Friends,
This msg from the volenteers. Just posting here to spread the news
We have arrived in Chennaiwitha mission to make Chennai Poster Free. We are available on Telephone No 044-25363803 , Mob 9789060351.
We request for your help in locating volunteers at Chennai.
Poster Hatao is a citizen centric initiative ( Not a NGO ). Poster Hatao does not have a bank account, hence, we can neither receive money nor give money. The aim is to make every citizen of India aware of his / her duties. Removing of Posters is the First Step, Noise Pollution is next.
There must be over a crore posters all over Chennai and if it takes about 5 minutes to remove one, it shall take over one lakh man days to clean Chennai. No agency has this much resources. But, if one crore citizens of Chennai remove one poster each, Chennai will be cleaned in 5 minutes.
We met the senior officers of the Corporation as well as the Police who have promised all the necessary help, in principle.
Pl ask your Friends at Chennai to " Like" POSTER HATAO CHENNAI on FB and volunteer to make Chennai POSTER FREE so that we can organize a Poster Hatao event in their area..
regards Col Shivraj 044-25363803 MoB : 9789060351 http://www.google.com/profiles/colshivra http://www.facebook.com/poster.hatao MY CHENNAI , POSTER and NOISE FREE CHENNAI
Your alternatives to personal loans
Personal loans, being unsecured by nature, are priced much higher than a loan that has a security attached to it. For smaller loans, you needn’t collateralise your home or your vehicle, you can borrow against smaller market-linked securities or those having a fixed value
With consumer spending on the rise and loans being an expensive option, it is time to find other sources from where you can generate a cash flow from. Should you look at additional income by way of a part time job? That would be a little too taxing. Is it then, not better to unlock your existing assets by taking a loan against them, while preserving their value? And yes, we are not asking you to sell your assets off. Only borrowing against them as a security, instead of taking a personal loan!!
You can borrow against smaller securities that could range from being market-linked such as equity shares, mutual Funds, ETFs, gold deposit certificates, RBI bonds to those having a fixed value such as traditional life insurance policies, National Savings Certificates (NSC), Kisan Vikas Patra (KVP), NABARD's Bhavishya Nirman Bonds and Non Convertible Debentures.
Consider this: For loans against securities from Axis Bank, the interest rates would be 13% for an amount below Rs 10 lakh and 12.75% for amount above Rs 10 lakh, whereas for personal loans, it could range anything between 15% and 24%, irrespective of the amount of apply for. And if you take a personal loan from ICICI bank, it charges you anywhere between 16 to 18.5%, whereas, for Loan against security, for amount below Rs 10 lakh, interest of 13.5% would be levied and for loan from 10 to 15 lakh, 13.25% of interest rate would be levied. There is a difference in securities that banks and financing institutions would give loan against and also in the loan-to-value ratio or LTV, which is the ratio of the value of the security that will be given you as a loan. Generally the LTV is as low as 50% for market-linked securities such as equity shares and equity mutual funds, due to their volatile nature and as high as 80-90% for debt mutual funds and other debt-based investments.
For traditional insurance policies, the eligible amount is benchmarked against the surrender value. For example, for an LIC endowment policy, the maximum loan amount available would be 90% of the surrender value of the policy (85% in case of paid up policies) including cash value of bonus, where surrender value is 30% of the total premiums paid (for at least three years), excluding premiums for the first year and all extra premiums. This means you cannot take loans on traditional policies before you have paid premiums for at least three years.
For loans against fixed deposits, banks generally levy a margin over and above the rate allowed for the deposit. For example Punjab National Bank offers loans against fixed deposits at an interest rate of 2% over and above the rates offered on fixed deposits. For example if you apply for loan against a Rs50,000 fixed deposit that has three to four years remaining to maturity, you would be provided Rs40,000 as loan, 10% retained as the margin amount. Comparatively lower margins are retained for present, retired and widows of staff members.
Loans against KVP/NSC are provided at rates connected to the base rate by banks, for example, Allahabad bank charges base rate+4%, effectively 14%, as of today.
The idea behind taking a loan against securities of smaller value springs from facts that you do not need to pledge large assets for small loan amounts and do not need to spend on their valuation and legal documentation. On the other hand, they are better then personal loans due to their inexpensive nature and speedier processing.
Our suggestion Before pledging your assets for loans, think of why and for what time you invested in them. Term plans, for example, are protection products and we advise not taking loans against such products, which could harm you in case of eventuality. In case you have a cushion on insurance policies apart from the basic term plan with adequate cover, you may opt for taking loans against the other policies.
Other than insurance plans, check how taking a loan affects your alignment of goals that you made these investments for. An example—taking a three-month loan against an equity mutual fund you invested in for your daughter’s marriage, 18 years from now. Such loans do not erode your wealth, due to the virtue of time that you have on your side. Avoid pledging securities near maturity, or you will lose out on your objective of investment. Source: MLF
Best Regards Prakash Nair
Saturday, 19 January 2013
Friday, 18 January 2013
Kissing problems betwern trisha & simbhu
In the movie Vinnai Thaandi Varuvaa, Trisha was seen being kissed by Simbu many a times.
As Hosur Paiyan envied Simbu for kissing Trisha, he reached Trisha and questioned about the basis on which she allowed Simbhu kissing
Understanding the motive behind the question, Trisha answered cooley that "According to the story, being kissed and kissing was required and only for that reason, the kiss scenes were shot for the
Satisfied with her answer, Hosur Paiyan got cool and he dreams about his life with Trisha!!!
Thursday, 10 January 2013
Wednesday, 9 January 2013
Monday, 7 January 2013
Quote of the day
A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history. --Mahatma Gandhi
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