CONSUMER ISSUES


Moneylife Digital Team 25 February 2025
In a significant move towards justice for victims of the Agri Gold Ponzi scheme, the Hyderabad zonal office of the directorate of enforcement (ED) has successfully restituted attached properties worth around Rs3,339 crore to the victims. The present market value of these properties is estimated...

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Moneylife Digital Team 24 February 2025
Reserve Bank of India (RBI) has allowed depositors of New India Cooperative Bank Ltd to withdraw Rs25,000 per depositor from 27 February 2025. Earlier this month, RBI has imposed all inclusive directions on New India Cooperative Bank, and the Bank was directed not to allow withdrawal of any...

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Earlier this week, one of my old friends Chaitanya sent me a video on WhatsApp. Before I could even watch it, he bombarded me with calls full of panic and questions. He was worried that fraudsters could drain his bank account just by merging phone calls on his device. I reassured him that this...

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Moneylife Digital Team 20 February 2025
In the wake of the controversy surrounding YouTuber Ranveer Arora, also known as Ranveer Allahbadia or BeerBiceps's recent episode, the Union ministry of information & broadcasting (MIB) has issued a fresh advisory to online curated content publishers (OTT platforms) and their self-regulatory...

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Shirish Shanbhag 20 February 2025
Cooperative housing societies are expected to function transparently and in the best interests of their members. However, mismanagement, lack of accountability and failure to follow due process often lead to conflicts and legal troubles. This week, I will address pressing concerns ranging from...

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Ratna Singh (Bar  and   Bench) 19 February 2025
A consumer court in Bengaluru has ordered PVR Cinemas and INOX (now merged with PVR) to ensure that movie tickets mention the actual start time of movie shows, rather than mentioning the time when commercial advertisements are screened before the movie starts.   A coram of President M Shobha...

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Moneylife Digital Team 18 February 2025
Another cooperative bank is again at the centre of a financial scandal, with the arrest of Hitesh Mehta, general manager and head of accounts at New India Cooperative Bank, for allegedly siphoning off Rs122 crore. However, what appears to be a simple case of embezzlement could, in reality, be a...

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Moneylife Digital Team 17 February 2025
Union finance minister (FM) Nirmala Sitharaman says the government have asked insurance companies to extend the free-look period for insurance policies to one year from the existing one month.    Speaking with media in Mumbai, Ms Sitharaman says, "People can return policy within one year for...

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Moneylife Digital Team 14 February 2025
The Reserve Bank of India (RBI) has imposed operational restrictions on New India Cooperative Bank, a Mumbai-based multi-state scheduled bank, citing supervisory concerns and the lender's liquidity position. Under these restrictions, New India Cooperative Bank is prohibited from granting or...

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Imagine expecting an important document from a client and receiving an email that looks completely legitimate. The email contains an attachment in an SVG (scalable vector graphics) format. You open it, and it redirects you to a website that looks just like DocuSign, Dropbox, or SharePoint,...

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Moneylife Digital Team 13 February 2025
The Telecom Regulatory Authority of India (TRAI) has announced amendments to its Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018, tightening restrictions on unsolicited commercial communication (UCC). The revised rules significantly lower the threshold for...

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Shirish Shanbhag 13 February 2025
Many cooperative housing societies (CHSs) embark on self-redevelopment with the expectation of greater transparency and cost savings. However, as seen in one case this week, members are struggling to access key documents such as the feasibility report and development manager (DM) contract,...

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Moneylife Digital Team 07 February 2025
While reiterating that insurance companies process the claims as per the terms and conditions of the policy, the Union government says that, during FY23-24, insurers rejected claims worth Rs26,037.65 crore. It includes claims worth Rs15,100.14 crore disallowed as per terms and conditions (T&C)...

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Chandramouli Mohan 07 February 2025
In a world where financial emergencies can strike at any moment, one woman's desperate need for medical funds turned into a distressing ordeal. My friend's sister, a 72-year-old widow, faced urgent medical expenses and reached out to her brother for help. He promptly transferred money to her...

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A few days ago, Ashish from Lokmat Videos posted a message on X about the hacking of his WhatsApp account. He also warned people not to respond to any message from his WhatsApp account requesting money. After checking the details he had shared, I found that the fraudsters had used a very simple...

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Shirish Shanbhag 06 February 2025
Managing a cooperative housing society (CHS/the Society) comes with its fair share of challenges, ranging from urgent infrastructure repairs to procedural hurdles in membership transfers. This week, I will address three critical issues that impact society members—ensuring uninterrupted water...

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Moneylife Digital Team 04 February 2025
Information provided by the insurance regulatory and development authority of India (IRDAI) shows that, as of 31 March 2024, insurance companies have unclaimed insurance funds worth Rs21,718 crore which declined from Rs23,699 crore as of 31 March 2023. However, IRDAI does not maintain data...

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SN Thyagarajan (Bar  and   Bench) 04 February 2025
The Supreme Court on Monday ruled that consumer fora can interfere with the terms of builder-buyer agreements that are one-sided, as the same would amount to unfair trade practice under the Consumer Protection Act, 2019. (Godrej Project Development Ltd v. Anil Karlekar)   A Bench of Justices...

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Moneylife Digital Team 01 February 2025
Presenting her eighth Union Budget, finance minister Nirmala Sitharaman unveiled plans to roll out a revamped central know-your-customer (CKYC) registry in 2025, aimed at simplifying the KYC process for investors while enhancing data security.   The updated registry seeks to address growing...

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Moneylife Digital Team 01 February 2025
In her Union Budget speech for FY25-26, finance minister (FM) Nirmala Sitharaman unveiled a revamped version of the UDAN (Ude Desh Ka Aam Nagrik) scheme, aimed at further boosting regional air connectivity across India.   The enhanced initiative will expand to 120 new destinations, expected...

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