CONSUMER ISSUES


Consumers may still get sharper cuts in retail prices of petrol and diesel if Indian oil marketing companies (OMCs) decide to reduce their margins on the sale of auto fuels that has increased substantially due to abnormally low global oil prices.   According to an ICICI Securities...

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The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of...

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Government has taken the bait provided by unusually low global oil prices to raise excise duty on petrol and diesel to raise revenue that has been severely impacted by a slowing economy.   It raised excise duty on petrol and diesel by Rs 3 per litre that would increase the retail...

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Dr Sampath Iyer 14 March 2020
The moratorium on Yes Bank on 5 March 2020 has shaken the confidence of depositors across all banks. The finance minister and the governor of the Reserve Bank of India had to reach out to the media to issue clarifications and allay the fears of the depositors.    But the run on the...

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With the novel coronavirus hitting several people as well as financial markets very hard, everyone seems to be releasing guidelines for maintaining personal hygiene, especially on washing your hands or wearing mask, if needed. However, there are either mis-conceptions or not full knowledge...

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Facing pressure on their cash flows in the wake of flight cancellations by airlines due to novel coronavirus (COVID-19) pandemic, private airport operators have pitched for putting a moratorium on revenue share for at least three months and levy a fee on air tickets to cover the expenses made...

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Country's largest lender State Bank of India on Wednesday said that it has decided to waive maintenance of 'Average Monthly Balance' requirements for all savings bank accounts.   According to the lender, the initiative will further boost the efforts to promote 'Financial Inclusion' in...

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Regulator IRDAI has asked insurers to settle all claims related to coronavirus expeditiously under existing health policies that provide for treatment of hospitalisation expenses.   It has also asked insurers to design products covering the cost of treatment of coronavirus that has...

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Marshall Allen  and   Lisa Song (ProPublica) 11 March 2020
Sanitizers that don’t contain the CDC’s recommended minimum of 60% alcohol are flying off store shelves and listed by sellers on Amazon for outrageous prices.   Here is what you need to know. It’s tempting, especially now, to buy one of the many hand sanitizers whose label says it...

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Yes Bank, which is under moratorium, provided some relief to its customers who can now make certain payments through instant money transfer services - National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS).   In a post on Twitter, Yes Bank said its customer can...

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Payment services provider PhonePe have suffered an outage after the Reserve Bank of India (RBI) on Thursday put Yes Bank under moratorium. Strangely, PhonePe, despite its big transactions is fully dependent on Yes Bank, as its payment gateway or payment services provider (PSP) and thus could...

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Distressed and angry customers of the crisis-hit Yes Bank trooped outside scores of branches and ATMs in Mumbai, Thane, Pune, Nagpur and other cities on Friday to withdraw money after the RBI imposed curbs on withdrawal apart from other measures late on Thursday.   Panicky customers...

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The Employees' Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on provident fund deposits to 8.50 per cent for the financial year 2019-20, Union Minister for Labour and Employment Santosh Gangwar said on Thursday.   In the last fiscal, 2018-19, the interest...

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Moneylife Digital Team 05 March 2020
The Supreme Court has held that the time period for filing opposite party's version in Consumer case cannot be extended beyond the period of 45 days prescribed under the Consumer Protection Act, says a report from LiveLaw.   The Court held that Consumer Protection Act did not empower...

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As the coronovirus scare rises, masks and sanitizers have seen a sudden rise in demand jacking up their prices and were also becoming short in supply. In Delhi, masks were selling at Rs 250 per piece at some places.   There have been 29 reported cases of coronavirus infection in the...

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Moneylife Digital Team 04 March 2020
Indian residential real estate is increasingly driven by end-users - and women homebuyers are emerging as major contributors towards this trend. The latest ANAROCK-LIC Housing Finance Consumer Sentiment Survey indicates that as many as 77% women home seekers are looking to buy property for...

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The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the Competition Commission of India (CCI) to initiate a probe against e-commerce major Flipkart for alleged use of its dominant position for unfair practices.   NCLAT set aside the CCI's 2018 order whereby the...

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In what could hasten adoption of renewable energy sources by households, the price of a 1 kW rooftop solar power installation has dropped to just about Rs 22,000 making it far more competitive and affordable than conventional sources of energy, particularly from polluting coal-fired...

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Moneylife Digital Team 03 March 2020
Post the spread of coronavirus (COVID-19) in China, India is receiving queries from the European Union (EU) and the US for textiles, homeware, ceramic tiles, engineering goods, and furniture, seeking to replace China as a supplier. However, India Inc is constrained by regulatory mechanism,...

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IANS 28 February 2020
Vodafone Idea has sought fixing minimum tariffs for mobile data at Rs 35 per GB, which is about 7 time the current rate, and for calls at 6 paise per minute along with monthly charges from April 1, to help it pay statutory dues.   Struggling to clear adjusted gross revenue dues of Rs...

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