The need to maintain people's confidence in digital banking resulted in the action against HDFC Bank for service outages, RBI Governor Shaktikanta Das said on Friday and exhorted lenders to invest more on the technology front.
India's mainstream naval fighter jet plane MiG-29K faces operational deficiencies due to defects in engines, airframe and fly-by-wire system leading to very low availability.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
'The overwhelming evidence from various studies and reports indicates that the current work culture in the IT sector, characterised by excessive hours, has severe consequences for health, productivity, and overall quality of life.'
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
'A lot of them are converted to other tokens, and since crypto is dealt with internationally, it can go to any exchange in any country.'
The National Commission held that any individual possessing a bearer instrument is legally entitled to encash it, and the bank is bound to honour such an instrument when it is presented for payment.
India's tactical and operational response demonstrated its ability to prosecute tri-service operations, even without a formal tri-service doctrine or the higher command structure needed to coordinate it, points out Ajai Shukla.
rediffGURU Dr Deepa Suvarna, a pediatrician with over 25 years of experience, offers expert advice on how you can protect your child from common ailments and keep them healthy.
Drastically cutting weight can result in nutritional deficiencies, depriving the body of essential nutrients needed for its optimal functioning.
The company is in the process of filing an appeal against the order, Zomato said in a regulatory filing.
Really frustrated by a company's attitude? Read this quick guide to filing a consumer complaint.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
The State Commission concluded the insurer could not take advantage of a typographical error on the bank's part to repudiate a legitimate claim, points out Jehangir B Gai.
Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. "We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. - el nino
Holding the tour agency guilty of providing deficient service to its customer Sweta Singh, District Consumer Dispute Redressal Forum president C K Chaturvedi asked it pay her Rs 15,000 as compensation besides refunding another sum of Rs 57,000 to her that she had spent due to botched up management of her trip by the agency.
rediffGURU and wellness expert Roopashree Sharma tells you how you can use natural methods to improve your health.
Despite its shortcomings, the consumer act is still a handy weapon for consumers to ensure accountability as well as compensation for defective goods and deficient services. It is one of the nicest gifts we, through our government, have given to ourselves as consumers.
The Reserve Bank of India's latest order prohibiting Bajaj Finance from sanctioning and disbursing loans under its 'eCOM' and 'Insta EMI Card' products may not have serious implications on the non-banking finance company's profitability, provided the ban is lifted within six to eight weeks, analysts said. "In a surprise move, the RBI has asked Bajaj Finance to stop sanction and disbursal under two of its digital lending products. "While the move is negative, the speed of correction will be key to reinstate products," global brokerage Jefferies said in a report.
The panel headed by Justice (retired) Ritu Raj Awasthi has submitted its report to the government, calling for an exhaustive overhaul of the law.
Private players offer convenience for slightly higher rental than banks.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August. India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period. India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.
Are faulty design, hurried construction and private ownership to be blamed for the incidents of airport roofs crashing?
A Delhi consumer court has ordered a medical transcription education institute to pay compensation of Rs 10,000, along with refunding course fees of Rs 25,000, to each of the aggrieved 9 students for duping them by promising jobs after the training.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
rediffGURU Dr Deepa Suvarna, a pediatrician with over 25 years of experience, offers expert advice on how you can ensure your child is healthy and happy.
Prioritising portion control fosters a healthier approach to well-being in the long run, explains Shilpa Joshi.
From the Sensex pack, NTPC, Tata Motors, Larsen & Toubro, Bajaj Finserv, Bharti Airtel, HDFC Bank, Reliance Industries, Titan, Power Grid and State Bank of India were the major gainers. ITC, UltraTech Cement, Tech Mahindra, Tata Steel, Wipro, Tata Consultancy Services and JSW Steel were among the laggards.
Stress is one of the leading causes of premature greying, warns Dr Monica Chahar.
A five-judge Constitution bench headed by Chief Justice K G Balakrishnan, Justices R V Raveendra, D K Jain, P Sathasivam and J M Panchal ruled the insurance company cannot be precluded from recovering the compensation from carrier as long as the complaint was jointly filed or under the power of attorney granted by the assured (consginor).
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The presence of an engine maintenance, repair, and overhaul (MRO) facility in India could have prevented Go First airline from going "belly up", as sending engines abroad for servicing is not an efficient way to operate a carrier, Piyush Srivastava, senior economic advisor, Ministry of Civil Aviation, said in a statement on Tuesday. On May 3, Go First suspended its flights and filed for insolvency, squarely blaming engine manufacturer Pratt & Whitney (PW) for its cash crunch. The airline claimed that about half of its 54 aircraft were grounded on May 3 due to a delay in the supply of engines by the US-based company. PW has denied the charges.
The question is: Is it appropriate for the service chiefs to publicly comment on such critical policy decisions? Should they maintain the tradition of remaining silent? Or should they speak out?
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
rediffGURU and wellness expert Roopashree Sharma tells you how you can use natural methods to improve your health.
Even if you feel healthy, your overall health report can give you a realistic picture of important parameters, advises Dr Divya Gopal.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
CCPA said the primary issues raised in the notices included 'deficiency in service'. This includes lack of proper response from customer support, driver refusing to take payment by online mode and insisting for cash only.
On July 25 and 26, the regulator's team carried out the surveillance of Air India in the areas of internal audit, accident prevention work and availability of required technical manpower.
