Tag Archives: Business

9 wellbeing tips for secure Online shopping @ Diwali


Now, Dasara is over and Diwali is around the corner. Diwali in India is associated with lots of spending, not only self, but for dear and near ones.

The Internet is full of discount offers for Diwali. The consumers are spoilt for choice.

There are a variety of eCommerce sites, for eg: flipkart, eBay, homeshop18, infibeam, indianplaza, dholdhamaka, indiangiftsportal, mallmasti, buycheapindia, snapdeal.com, naaptol, amazon, junglee, myntra, etc

Discount Coupons can be found on: couponzguru, ohmygod, etc

Indian Banks too have jumped on the Diwali shopping mania, eg: Deutschebank, icicibank.com, hdfcbank, etc

In case you wish to compare similar items across eCommerce sites, you can visit @ compareindia

Tip No 1: Inform your credit card company that you are planning to spend heavily on eCommerce sites. This is to ensure, that your payment request is not declined.

Tip No 2: Inform your debit card bank that you are planning to spend heavily on eCommerce sites. This is to ensure, that your payment request is not declined.

Tip No 3: Spend only up to 75% of credit card limits. Yes, save for emergencies.

Tip No 4: Spend only up to 75% of bank balance.  Yes, save for emergencies.

Tip No 5: Avoid impulse buying. Come back the 2nd time, review and then only purchase.

Tip No 6: Visit online NGOs and donate too.

Tip No 7: Keep your apartments’/offices’ security guard that you are expecting huge parcels.

Tip No 8: Enjoy shopping, do not make a fuss.

Tip No 9: As soon you receive the products, verify and ensure that they are same as you ordered. Otherwise, immediately opt for a replacement, as Diwali is not far-a-away




Cheers – Finance Ministry withdraws circular on levy of Service Charges


Finance Ministry, Department of Financial Services vide its Cir No 7/72011-BO-II dtg 12/03/2013, has withdrawn the earlier office letter dt. 25/10/2012, wherein Public Sector Banks were advised to charge service fees on payment of credit card dues through cheques or cash.

Well, I am not sure what prompted the Department of Financial Services, to withdraw its circular. But, this is the correct step. Credit card departments have to move to advanced billing solutions, invest in customer service lines, than only force customers to pay the credit card dues through eMode.

Yes, it is very much true that private sector banks levy a service fee if the credit card dues are remitted through cash/cheque. However, this point is made clear at the time of credit card application itself.

Over a period of time, bank customers will start complaining about exorbitant service charges, which will lead to customer migration to alternate modes of payment. In fact, banks should encourage customers via Reward Points, to pay their credit card dues through the eMode.

Reward points are a very effective motivator tool, for credit card customers to try out something new.



India’s All Women Bank-To start with 6 Branches.



As readers are aware Mr.P.Chidambaram Finance Minister of India in the recent budget announced the setting up of India’s first All Women Bank.

“I shall provide 1,000 crore as initial capital. I hope to obtain the necessary approvals and the banking licence by October, 2013, and I invite all Honorable Members to the inauguration of the bank shortly thereafter,” the Minister announced amidst a thunderous applause from members.

In the last few days, there has been a flurry of activity, as the target to inaugurate the Bank is October, 2013.

Today, RBI Officials have met PSU Bank Chiefs to finalize the blue print of the new bank.

It is understood that initially it would start with at least one branch in each major region of this country, South, West, East, Centre, North and North-east.

The Finance Minister has also said that he would assemble the best brains from the industry to chalk-out a blueprint on the bank by month-end.

So be ready to witness lots of action around the Women’s Bank.

At present, there are quite a few women’s bank in India, but the reach is limited. This new bank will have a Pan-India presence.

In the coming days, more details will emerge. However, one this is sure, that this project of Mr.Chidarmbaram is on the fast-track.

In a way, this will also be an example for the new private sector banks which might set up base in the next 3years.


Formation of nine new Districts in the State of Chhattisgarh – Allotment of Lead Responsibility


On 15/08/2011, Chhattisgarh Chief Minister Raman Singh announced the creation of nine new districts. These nine districts – Sukma, Kondagaon, Gariaband, Balaudabazar, Balod, Bamtera, Mungeli, Surajpur and Balrampur,  came into existence w.e.f  on 01/01/2012.

The total numbers of administrative districts in the state are now 27. With the formation of the new districts, RBI had set in the motion for allotment of Lead Bank responsibility to the Banks.

On 10/10/2012, RBI vide Notification NO: RBI/2012-13/242-RPCD.CO.LBS.BC.No. 34/02.08.001/2012-13 finalized the allotment of the lead responsibility.

The lead bank responsibilities of the new districts are as detailed below:-

1 Sukma allotted to SBI

2 Kondagaon allotted to SBI

3 Balodabazar allotted to SBI

4 Gariyaband allotted to Dena Bank

5 Bemetara allotted to SBI

6 Balod allotted to Dena Bank

7 Mungeli allotted to SBI

8 Surajpur allotted to Central Bank of India

9 Balrampur allotted to Central Bank of India


Now, with the finalization of Lead Banks, the pace of the Financial Inclusion should pick up now. This would not  only increase the banking penetration but also enable banks to access new areas.