CONSUMER INTEREST


Moneylife Digital Team 04 November 2024
Agreeing with the concurrent findings recorded by the district forum and the state commission, the national consumer disputes redressal commission (NCDRC) directed HDFC ERGO General Insurance Company Ltd to pay Rs14.45 lakh death claim on home loan insurance and Rs22,000 as compensation towards...

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Moneylife Digital Team 04 November 2024
Agreeing with the concurrent findings recorded by the district forum and the state commission, the national consumer disputes redressal commission (NCDRC) directed HDFC ERGO General Insurance Company Ltd to pay Rs14.45 lakh death claim on home loan insurance and Rs22,000 as compensation towards...

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Moneylife Digital Team 31 October 2024
Amidst the festive cheers, auto-dealers are staring at a massive inventory of 790,000 vehicles worth Rs79,000 crore. At the same time, passenger vehicle (PV or car)-makers have cut production by over 18% to 873,288 units between April and September 2024.    In September (the latest data),...

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Last week, the Visakhapatnam cybercrime police busted a gang involved in funnelling about Rs35 crore to Rs40 crore through mule bank accounts. The gang of four lured unemployed youth with the promise of jobs and high salaries. Their Aadhaar cards and permanent account numbers (PANs) were...

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Moneylife Digital Team 31 October 2024
Redevelopment often promises significant benefits, but the transition can be challenging, especially for senior citizens and financially constrained members of a cooperative housing society (CHS/Society). In such cases, members should lean on the Society's documented terms and seek external...

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Moneylife Digital Team 29 October 2024
After failing to sanction and disburse a loan, the lender is not entitled to retain the processing fee charged, rules the national consumer disputes redressal commission (NCDRC), while directing Axis Bank Ltd to refund Rs4.96 lakh collected as processing fee with an interest of 9%pa (per annum)...

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Moneylife Digital Team 28 October 2024
Citing 'extraordinary' circumstances and 'larger public interest', the national pharmaceutical pricing authority (NPPA), under the Union ministry of health and family welfare (MoHFW) increased the ceiling prices of 11 scheduled formulations of eight drugs by 50% of their current ceiling prices....

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Moneylife Digital Team 25 October 2024
Raising concerns over the recent tariff hike by two telecom companies and silence from the telecom regulator, EAS Sarma, former secretary to the government of India (GoI), alleges that both the telecom regulatory authority of India (TRAI) and the department of telecommunications (DoT) are...

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Moneylife Digital Team 25 October 2024
In a significant relief to bank customers who face account freeze on instruction from the local police or the National Cyber Crime Reporting Portal (NCRP), the Madras High Court (HC) recently ruled that it cannot pass an order freezing the entire account without quantifying the amount involved...

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Chennai-based urologist Dr Jaison Philip shared a video on X about a scam that occurred inside the Bengaluru International Airport to a woman traveller who uses an iPhone. In September, while at the airport, the woman was asked to download an app called Lounge Pass on her mobile when she wanted...

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Shirish Shanbhag 24 October 2024
Navigating legal processes in a cooperative housing society (CHS/Society) can often be complex and time-consuming, especially when it comes to matters like leasing, property transfers or handling inheritance. Many residents and property-owners are unaware of the specific rules and regulations...

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Moneylife Digital Team 22 October 2024
Lohardaga, Jharkhand-based Urmila Oraon's family of seven have six bank accounts. But all the bank accounts are frozen – mainly due to know-your-customer (KYC) issues. Three accounts in Sora Oraon's family are frozen and when she applied for KYC, the bank gave her a token appointment for 27...

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Moneylife Digital Team 21 October 2024
Giving a big relief to the wife and family of a deceased home loan borrower, the national consumer disputes redressal commission (NCDRC) directed SBI Life Insurance Co Ltd to pay the amount insured for the home loan to State Bank of India (SBI). The lender is directed to accept the payment as...

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One afternoon, Sudha, a senior citizen and wife of writer and activist Veeresh Malik, was startled to receive two emails from Axis Bank about an account having been opened. She is neither a customer of Axis Bank nor had she opened an account with the Bank. One of the two emails said, "Your KYC...

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Moneylife Digital Team 17 October 2024
While dismissing a first appeal and upholding an order passed by a state commission, the national consumer disputes redressal commission (NCDRC) directed HDFC Standard Life Insurance Company Ltd (now HDFC Life Insurance) to pay Rs46.87 lakh with interest at the rate of 9%pa (per annum), Rs2...

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Shirish Shanbhag 17 October 2024
When it comes to the transfer of property or shares in cooperative housing societies (CHS), particularly after the passing of a loved one, the process can often be complex and legally intricate. Many individuals face challenges in navigating the necessary steps to ensure that property is...

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Moneylife Digital Team 14 October 2024
Setting aside an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed Bajaj Allianz General Insurance Company Ltd to pay Rs7.60 lakh with 9% interest and Rs25,000 as compensation to a senior citizen for treatment during his visit to the...

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Chandramouli Mohan 11 October 2024
When was the last time you were hit with a late fee and thought, “Well, this seems fair”? Suppose you missed a loan payment or delayed submitting financial documents to your bank. In that case, you probably know the pain of penal interest—a little extra interest banks used to slap on for your...

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In today's digital era, artificial intelligence (AI) is transforming how businesses and consumers interact. From chatbots handling customer service inquiries to advanced AI agents facilitating banking transactions, conversational platforms are increasingly integrated into daily life. However,...

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Shirish Shanbhag 10 October 2024
This week, I will address various pressing issues faced by cooperative housing society (CHS/Society) members, ranging from redevelopment disputes to challenges with inheritance and legal rights. Redevelopment continues to be a hot topic, with members often navigating complex situations...

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