Archive for September 30th, 2009

Default On Even One?? Face Blocking of All Your Credit Cards :)

Banks to block all credit cards for default on one

Banks to block all credit cards for default on one

Due to severe measures being adopted by the banks, the comfort of using either of the multiple credit cards owned by the customer in case they default on making payments for even one will now not be allowed as the banks have now amended their credit card terms and conditions.

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Additionally, ICICI Bank already informed its customers about the change, coming into effect from October 5.

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Moreover, according to the new terms, if a customer holds two or more cards and fails to pay in one of the card accounts, the bank can block the credit limit as made available to the card member under all other ICICI Bank’s card accounts.

Also they will pull out such privileges/ benefits as made available under all such card accounts, till such time the defaulting card account is regularized by the card member.

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In addition, banks also authorized themselves with a tool that allows them to ask employers to subtract the outstanding amount from the salary while employees who may have defaulted on payment cannot object to this deduction of dues at source.

On the other hand, such deductions will be submitted to the bank and continued till the entire dues are recovered.

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Moreover the revised terms and conditions state no law or contract governing either the card holder or employers stops the bank from seeking such deduction and subsequent payment by the employer to the bank.

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The country’s largest private sector lender, ICICI Bank, has already informed its customers about the change, coming into effect from October 5, while other banks will soon follow the suit.

SEBI Asked BSE to Set its House in Order before Planning a Listing !!

Sebi has asked BSE to set its house in order before planning a listing :)

Sebi has asked BSE to set its house in order before planning a listing πŸ™‚

The Securities and Exchange Board of India (Sebi) asked BSE to set its house in order before planning a listing.

Of late, BSE has planned to list on the exchange for sometime and had approached Sebi for permission to list without an initial public offer.

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Sebi, however, also has to formalize norms for regulating self-listed companies while in order to sell their shares, some BSE members were eager on the listing of the exchange.

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Moreover, the market regulator communicated its position to the stock exchange informally and BSE started steps to develop its technology platform.

In addition, BSE acquired Marketplace Technology (MT) in order to offer back-office solutions for brokers estimated at Rs 43 crore.

On the other hand, BSE, over the years has regularly lost out to NSE on the technology front and new players like Financial Technologies are trying to ride the technology path setting up exchanges such as Multi-Commodity Exchange (MCX) and MCX Stock Exchange.

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Further, BSE has lost the top slot in terms of turnover even though it has more companies listed on it .

It will also be re-launching its derivatives trading and a new marketing campaign which is likely to help it popularize the product.

The move comes at a time when others such as MCX-SX are trying to enter the space.

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Festivals and Trading Holidays Set to Keep Dalal Street Less Lively This Week :)

Despite bullish sentiment on hopes of strong quarterly results from firms, the Dalal Street is likely to less lively this week

Despite bullish sentiment on hopes of strong quarterly results from firms, the Dalal Street is likely to less lively this week

Despite bullish sentiment on hopes of strong quarterly results from firms, the Dalal Street is likely to less lively this week, as festive mood and fewer trading sessions would see investors withhold their positions and postpone buying, analysts said.

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Brokers believe the market sentiment will remain positive, even as investors will get only three trading sessions before the second quarter results of companies starts coming in.

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“The market is expected to remain in consolidation phase on the back of less trading sessions and festive season,” SMC Global Vice-President Rajesh Jain said.

The market would trade only for three days this week, as Monday and Friday will be trading holidays on the occasion of ‘Dussera‘ and ‘Gandhi Jayanti‘, respectively.

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Over the week, the BSE Sensex slid 193.43 points, or nearly 1.14 per cent and closed at 16,693 points.

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The under current in the market is bullish, there are not much expectations by investors for this week, while stocks may also look for global cues,experts observed.

The result season will kick start with IT major Infosys scheduled to announce its second quarter results on October 9.

During the last week, foreign institutional investors have put in over Rs 6,528.1 crore in Indian markets.

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