RBI set up Working Group to review Banking Ombudsman Scheme

The Reserve Bank of India had set up a working group to evaluate and make improvements in the grievance redressal mechanism for bank customers. The working group constituted in the RBI is going to review, update, and revise the Banking Ombudsman Scheme, 2006.

As per the RBI annual report of the Banking Ombudsman Scheme 2011-12, In Financial Year 2011-12, the banking ombudsman’s office of the RBI received around 72889 complaints. It disposed off 94 per cent of the customer complaints.

About one-fourth of the total customer complaints were about banks’ failure to meet commitments and non-observance of fair practices code. Presently, we have 15 Banking Ombudsmen with unambiguous jurisdiction covering the 29 States and seven Union Territories in India.

Indian economy may grow 6% in 2013: Kaushik Basu

India's economy could expand by around 6% in 2013, World Bank chief economist Kaushik Basu said on Friday, attributing the current slowdown to global factors.

Amid global slowdown impacting India, the government had lowered the country's economic growth for the 2012-13 fiscal to 5.7-5.9% from its earlier projection of 7.6%. The GDP had expanded by 6.5% in 2011-12, which was nine-year low.

FII Investment in the Indian stock market surpassed more than 24000 crore Rupees in December 2012

Foreign Institutional Investors (FIIs) in the month of  December had pumped in more than 24000 crore rupees in the Indian stock market which is said to be the highest in 10 months timeline taking total FII inflow for the year 2012 to over 24 billion dollars.

As per the SEBI Data, In December, 2012 Foreign Institutional Investors (FIIs) were gross buyers of shares worth Rs 71595 crore rupees while they sold equities amounting to 47412 crore rupees. This translates into a net inflow of 24183 crore rupees or around.4.42 billion dollar.

State Bank of India has launched 'Mobicash Easy'

State Bank of India has launched 'Mobicash Easy', a mobile wallet in Mumbai and Delhi with service offerings like funds transfer and bill payment among others. The service, which was launched yesterday, will offer services like balance enquiry, mini statement, funds transfer, mobile top-ups, DTH recharge, bill payment among others. 

SBI will soon launch a KYC or Know Your  Customer enabled mobile wallet service with higher transaction limits. The bank said, it will target migrant labourers and youth to use the wallet service.

NDC approves 12th Five Year Plan

Country's apex policy making body NDC has approved the strategy to achieve Average Growth Rate of 8% during the 12th Five Year Plan (2012-17), generate 50 million new jobs and increase investments in infrastructure sector. Planning Commission Deputy Chairman Montek Singh Ahluwalia said: "We expect with the growth rate of 5.8 per cent this fiscal and little over 7 per cent next fiscal, and with extra effort in the remaining three more years we can reach 8 per cent.

Bihar became the Fastest Growing Indian State between 2006 and 2010

As per the data released by the Planning Commission of India, after Bihar became the fastest growing state in India at 10.9 per cent between 2006 and 2010 while Gujarat’s growth rate declined to 9.3 per cent and it lagged behind Bihar and other four states- Orissa, Maharashtra, Haryana, Chhattisgarh in terms of growth rate. Bihar was the slowest growing state during 2001-05 period with GDP figure of 2.9 percent whereas Gujarat was the fastest growing state between 2001 and 2005 with figure of 11 percent.

Blackberry Smartphone maker Research-In-Motion (RIM) signed Ranbir Kapoor as its Brand Ambassador

Blackberry Smartphone maker Research-In-Motion (RIM) signed: Ranbir Kapoor as its Brand Ambassador

The signing of Ranbir Kapoor is a move to attract young entrepreneurs and professionals, as the celebrity endorsement is an accepted norm in India in terms of youth and consumer association with brand.  It is also the first time Blackberry had signed a celebrity in India as its brand ambassador.

'Tata Group perceives to be India's best-known global brand':Survey

Days ahead of Ratan Tata's retirement, an Assocham survey said that the $100 billion Tata Group is perceived to be India's best-known global brand within and outside the country. 

According to the Survey Ratan Tata occupies the well-deserved iconic status who has taken the group from largely an Indian family-owned business house into a professionally managed global conglomerate.

About 77 per cent of those who participated in the survey said they are confident that Ratan Tata's successor Cyrus Mistry will be able to steer the group well.

UN lowers global growth forecast for 2013 to 2.4%

The United Nations released World Economic Situation and Prospects 2013. The global economic growth forecast for 2013 is lowered from 2.7% to 2.4%, and that for 2014 is lowered from 3.9% to 3.2%. Meanwhile, the economic growth in China for 2013 and 2014 is estimated at 7.9% and 8%, respectively. The growth in the US and Japan will only be 1.7% and 0.6%, respectively, in 2012. 

The report says the current economic growth pace is not sufficient to solve the employment crisis happening in many western countries. Europe and the US need at least 5 years to recover the lost jobs caused by the financial crisis in 2008-2009.

Lok Sabha passed the Banking Laws Amendment Bill, 2012

In a major step to reform India's banking sector, the Lok Sabha on Tuesday passed a bill paving way for foreign investments in the sector and establishment of new private banks.

The Banking Laws (Amendment) Bill, 2011, was passed by the Lower House after two short adjournments and withdrawal of clauses allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission

The Bill, which seeks to strengthen banking regulation, was passed by the voice vote after amendments proposed by the Left Parties were rejected by the House.

India's economic growth rate slows to 5.3%

The economy of India grew just by 5.3 percent in July-September quarter of this fiscal year 2012-2013. The economy dropped down the rate of growth because of poor performance of the agriculture as well as manufacturing sectors and it is persistently indicating slowdown signs. 

In the previous fiscal year, the gross domestic product (GDP) had grown by 6.7 percent in the same quarter. In the first quarter of 2012-2013, the economy had grown by 5.5 percent. 

By the end of the July-September quarter, i.e., on 30 September 2012, the manufacturing sector had grown marginally by just 0.8 percent in comparison to 2.9 percent in the same quarter last year, revealed the Central Statistical Organisation.

The output of the farm sector expanded merely 1.2 percent in this quarter in 2012-2013 financial year in contrast to 3.1 percent in same quarter last year. 

Index of Industrial Production Slips by 0.4%

In September 2012, the Index of Industrial Production (IIP) declined 0.4%, mainly on account of a poor show by the capital goods and consumer durables sectors, which contracted 12.2% and 1.7%, respectively, implying a slowdown in investment activity and demand.

The indices of industrial production for mining, manufacturing and electricity sectors showed growth of 5.5%, (-)1.5% and 3.9%, according to the data released by the Ministry of Statistics and Programme Implementation.

Vodafone India and ICICI Bank bank Launched M-Pesa Mobile Money Service

Vodafone India Launched a mobile money transfer and payment service, called 'm-pesa', in India in partnership with ICICI Bank.

With this Service Customers can not only be able to deposit and withdraw cash from selected outlets but they can also transfer money to any mobile phone in India. This money can be used to purchase mobile recharge, recharge of DTH services and utility bill payments and also to transfer money to any bank account in India and also to make payments at select shops.

Vodafone will be offering its customers a mobile money account with ICICI Bank and a mobile wallet issued by MCSL (Mobile Commerce Solutions Ltd), via this service.

Mukesh Ambani richest Indian with wealth of $21 billion: Forbes

Reliance Industries Chairman Mukesh Ambani is the country's richest man with a personal fortune of $21 billion, according to Forbes Magazine. Mukesh Ambani beats steel giant Lakshmi Mittal and Wipro head Azim Premji to top the Forbes's list. Lakshmi Mittal has attained the second spot with $16 billion and the third spot goes to Azim Premji.

Mukesh Ambani has retained his position as the world's richest Indian for the fifth year in a row, although his networth declined by $1.6 billion to $21 billion but remained well above that of the second-ranked Lakshmi Mittal. Steel baron Mittal's networth also fell by $3 billion at $6 billion, making him the second richest, as per global business magazine Forbes' annual ranking of 100 wealthiest Indians, released on Thursday.

Bharti Airtel becomes world's 4th Largest mobile operator

Bharti Airtel, India’s largest telecom operator has overtaken Spain’s Telefónica to become the world’s fourth-largest operator in terms of subscribers.

According to the ‘Scoreboard’ report by analyst firm Wireless Intelligence, the company had over 250 million mobile subscribers at the end of the quarter ended June 2012, representing a year-on-year growth of 13 per cent. This was the highest subscribers’ growth among the top five operators globally.

China Mobile is on the top position with 683.08 million connections, followed by Vodafone Group with 386.88 million Connections and American Movil Group with 251.83 million connections.