Posts Tagged ‘money’
We often come across problems while transacting .
RBI has issued separate Guidelines on this and has provided an Ombudsman to address such issues.
What is the Banking Ombudsman Scheme?
The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
2. Who is a Banking Ombudsman?
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
3. How many Banking Ombudsmen have been appointed and where are they located?
As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals. The addresses and contact details of the Banking Ombudsman offices have been provided in the annex.
4. Which are the banks covered under the Banking Ombudsman Scheme, 2006?
5. What are the grounds of complaints?
The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking):
- non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.;
- non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
- non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
- non-payment or delay in payment of inward remittances ;
- failure to issue or delay in issue of drafts, pay orders or bankers’ cheques;
- non-adherence to prescribed working hours ;
- failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents;
- delays, non-credit of proceeds to parties accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits in any savings,current or other account maintained with a bank ;
- complaints from Non-Resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
- refusal to open deposit accounts without any valid reason for refusal;
- levying of charges without adequate prior notice to the customer;
- non-adherence by the bank or its subsidiaries to the instructions of Reserve Bank on ATM/Debit card operations or credit card operations;
- non-disbursement or delay in disbursement of pension (to the extent the grievance can be attributed to the action on the part of the bank concerned, but not with regard to its employees);
- refusal to accept or delay in accepting payment towards taxes, as required by Reserve Bank/Government;
- refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of Government securities;
- forced closure of deposit accounts without due notice or without sufficient reason;
- refusal to close or delay in closing the accounts;
- non-adherence to the fair practices code as adopted by the bank or non-adherence to the provisions of the Code of Bank s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank ;
- non-observance of Reserve Bank guidelines on engagement of recovery agents by banks; and
- any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.
A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advances
- non-observance of Reserve Bank Directives on interest rates;
- delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;
- non-acceptance of application for loans without furnishing valid reasons to the applicant; and
- non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank’s Commitment to Customers, as the case may be;
- non-observance of any other direction or instruction of the Reserve Bank as may be specified by the Reserve Bank for this purpose from time to time.
- The Banking Ombudsman may also deal with such other matter as may be specified by the Reserve Bank from time to time.
6. When can one file a complaint?
One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
7. When will one s complaint not be considered by the Ombudsman ?
One s complaint will not be considered if:
a. One has not approached his bank for redressal of his grievance first.
b. One has not made the complaint within one year from the date one has received the reply of the bank or if no reply is received if it is more than one year and one month from the date of representation to the bank.
c. The subject matter of the complaint is pending for disposal / has already been dealt with at any other forum like court of law, consumer court etc.
d. Frivolous or vexatious.
e. The institution complained against is not covered under the scheme.
f. The subject matter of the complaint is not within the ambit of the Banking Ombudsman.
g. If the complaint is for the same subject matter that was settled through the office of the Banking Ombudsman in any previous proceedings.
8. What is the procedure for filing the complaint before the Banking Ombudsman?
One can file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online (at “click here to go to Banking Ombudsman scheme” or by sending an email to the Banking Ombudsman. There is a form along with details of the scheme in our website.However, it is not necessary to use this format.
9. Where can one lodge his/her complaint?
One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.
For complaints relating to credit cards and other types of services with centralized operations, complaints may be filed before the Banking Ombudsman within whose territorial jurisdiction the billing address of the customer is located.
Address and area of operation of the banking ombudsmen are provided in the annex.
10.Can a complaint be filed by one s authorized representative?
Yes. The complainant can be filed by one s authorized representative (other than an advocate).
- PPI complaints reach ‘unprecedented’ levels (metro.co.uk)
One works himself to Death to earn money.
People forget that even if you happen to own millions of Dollars, you may eat three square meals,Sleep for ten hours,Drink probably a Bottle a day,have women restricted by one’s capacity (physical) at the most.
Temporarily you are satisfied and the whole process begins all over after some time.
A vicious cycle.
Satisfaction of the desires of the senses is like poring Ghee into a Fire.
The more you satisfy, more they demand!
Again the objects of satisfaction varies , not the pleasure.
This pleasure changes from time to time and Age.
When one falls sick and befalls a bed, these pleasures are a Mirage.
Senses are meant to enjoy for limited purpose/enjoyment.
Over indulgence leads to Emptiness and disillusionment.
Things are enjoyable till they remain a mystery and seemingly unattainable.
Money is an instrument for satisfying needs.
Once the basics are met, better to say quits.
This is the key to happiness.
Now Read what Bil gates has to ay on the use of Money.
Also refer my blog on the Lifestyle of Bill Gates.
Otherwise they become stale.
“It’s very rare that you become a Billionaire.
But still rarer is to donate have your feet planted in the ground.
Bill Gates has frugal tastes. Asked to name his luxuries, he lists DVDs, books and takeaway burgers. It is hard, however, to think that any fast-food outlet would get rich on Gates’s custom. During a long list of engagements beginning well before dawn, he consumes nothing but cans of diet cola.
For America’s wealthiest citizen, austerity is relative. The retinue of staff and the private jethint at a fortune said to be approaching £40 billion. As he told pupils at a south Londonschool he visited this week: “If I hadn’t given my money away, I’d have had more than anyone else on the planet. Ninety-nine per cent of it will go.”
“I’m certainly well taken care of in terms of food and clothes,” he says, redundantly. “Money has no utility to me beyond a certain point. Its utility is entirely in building an organisation and getting the resources out to the poorest in the world.”
That “certain point” is set a little higher than for the rest of us – Gates owns a lakeside estate in Washington State worth about $150 million (£94 million) and boasting a swimming pool equipped with an underwater music system – but one gets the point. Being rich, even on the cosmic scale attained by Bill Gates, is no guarantee of an enduring place in history. The projection of the personal computer into daily life should do the trick for him, but even at the age of 57 he is a restless man and wants something more. The “more” is the eradication of a disease that has blighted untold numbers of lives: polio.
Later this month, Gates will deliver the BBC’s Dimbleby Lecture, taking as his theme the value of the young human being. Every child, he will say, has the right to a healthy and productive life, and he will explain how technology and innovation can help towards the attainment of that still-distant goal. Gates has put his money where his mouth is. He and his wife Melinda have so far given away $28 billion via their charitable foundation, more than $8 billion of it to improve global health.
“My wife and I had a long dialogue about how we were going to take the wealth that we’re lucky enough to have and give it back in a way that’s most impactful to the world,” he says. “Both of us worked at Microsoft and saw that if you take innovation and smart people, the ability to measure what’s working, that you can pull together some pretty dramatic things.
“We’re focused on the help of the poorest in the world, which really drives you into vaccination. You can actually take a disease and get rid of it altogether, like we are doing with polio.”
This has been done only once before in humans, with the eradication of smallpox in the 1970s.
“Polio’s pretty special because once you get an eradication you no longer have to spend money on it; it’s just there as a gift for the rest of time.”
One can see why that appeals to Gates. He has always sought neat, definitive solutions to things, but as he knows from Microsoft, bugs are resilient things. The disease is still endemic in Nigeria, Pakistan and Afghanistan, and killing it off altogether has been likened to squeezing jelly to death. There is another, sinister obstacle: the propagation by Islamist groups of the belief that polio vaccination is a front for covert sterilisation and other western evils. Health workers in Pakistan have paid with their lives for involvement in the programme.
There used to be a time when borrowing was considered to be a sin and it was treated as a Crime to delay payment.
Now, thanks to changing value systems and the Modern economy, if you do not borrow, you are not recognised and we are now used to a Lifestyle of wanting more than what we earn and in some cases what we deserve.
No point in suggesting people the safest and carefree Life is Not to Borrow.
Since there are no takers, the next option is to find out How To Borrow Intelligently.
- ‘As any smart borrower could tell you, it’s important to read the fine print when it comes to lenders. Sure, that balance transfer may sound appealing now, but what happens in 6 months when the interest rates sky rocket? Credit card companies are notorious for hiding their little tricks in the fine print so pull at the magnifying glass if necessary.
- Even if you choose to consolidate debt and borrow more, always make more than the minimum required payments. By consolidating your debt, you may be eligible for lower monthly payments, but they won’t help you get your debt paid off any faster. Smart borrowers even go so far as to pay off their entire balance each month.
- Do you only have one or two credit cards? Do yourself a favor and keep it that way. Trying to juggle too many lines of credit is the opposite of smart borrowing. It’s simply too difficult to keep track of a dozen different credit cards, with their different due dates and minimum monthly payments. It’s almost inevitable that those who have too many credit options end up putting themselves in debt.
- If you’re planning on taking out a new credit card or any type of line of credit, do your homework to find the best possible interest rate. By now, everyone should know how important their interest rates are. In essence, they represent the cost of borrowing money and if you get stuck with a high rate, you’ll end up paying a lot more over time.
- No matter how much debt you’ve accumulated or how much you still need to borrow, saving money is always important. While repaying borrowed money is probably your number one priority, do not neglect your savings. You just never know when something could happen, such as a car accident or hospital visit, that could require you to break out the savings.
- Finally, don’t fall for the idea that declaring bankruptcy will be an easy fix to your debt problems. While bankruptcy may be able to help some people in the right situation, it can be a disaster for many. Declaring bankruptcy will absolutely ruin your credit score for the next several years and making borrowing more money all but impossible.’
Tips to Save Money:
- Treat every purchase like it’s a major purchase. You have a few opportunities in life to save a lot of money, but it’s the small daily ones that will make or break you.
- Vacation close to home so you can drive instead of fly.
- Delay big purchases as long as possible. You may lose interest or find an alternate solution.
- Hang dry your laundry, indoors if necessary.
- Choose a hairstyle that does not require frequent trims.
- Repair instead of replace. This goes for appliances, furniture, clothing, whatever.
- Borrow infrequently used tools and supplies instead of buying. (Also make sure to lend.)
- Bank at a credit union instead of a corporate bank. You’ll most likely save on fees.
- Wear the clothes you already own instead of buying new stuff all the time.
- Cook from scratch and save restaurant meals for special occasions.
- Make sure you have a few easy meals on hand for those nights when takeout dinner is calling your name. There’s nothing wrong with serving scrambled eggs and toast for dinner.
- Use your library for books, magazines, movies and CD‘s. And then make sure to return them on time!
- Foster your relationships with like minded friends. They won’t make you feel bad about sticking to a budget.
- Pack your own work and school lunches.
- Replace expensive recipe ingredients with inexpensive options. Perfect example? Kale instead of basil in pesto.
- Don’t be a snob about older electronics. You will survive without the newest iPhone.
- Learn how to mend and de-stain your clothing. If half your wardrobe is out of commission, you’re missing out.
- Batch your errands whenever you drive.
- Drink water or homemade iced tea instead of soda.
- Choose social get togethers that do not include shopping.
- Cancel memberships that you do not use. Gyms, premium cable channels, and everything else.
- Pay attention to your household’s food waste. Eat what you have, and stop buying the food that you tend to waste.
- Be willing to own less stuff. There’s less to buy, organize, clean and look at.
- Wait until movies hit the second run theaters.
- Decline your friends’ shopping parties. You don’t need any more Tupperware, baskets, jewelry or candles.
For more follow the Link:
Without the people who have money earned not properly, to tip, tip would not have come into being.
I do not tip.
One who serves gets paid.
Do you get Tipped for doing your job?
My son,daughter and son-in-law shudder at the time of Bill being presented when I am around.
Normally I am whisked away on some pretext or another at these times.
Stacy Knutson, a server at the Fryn’ Pan Restaurant in Moorhead, got the tip back in November from a customer who left a takeout box inside the restaurant.
Knutson followed the customer out to parking lot and tried to give her the box but the woman told her to keep it. When Knutson opened it, she found $12,000 in cash.
Knutson, a mother of five, called local police and turned in the cash as lost property.
At first, police said the cash would be hers if it remained unclaimed for 60 days, according to the lawsuit Knutson filed against the department.
At the end of the 60 days, however, the department told Knutson she would have to wait another 30 days to get the money.
Then police told her she would not receive the money at all because it smelled of marijuana and had been seized under a state law.
Police offered Knutson a $1,000 as a reward for turning the cash in. She refused the reward and filed suit.
In affidavits filed as part of the lawsuit, Knutson and two other restaurant employees said they detected no odor at all.
On Thursday, Craig Richie, Knutson’s attorney, said the department had changed its mind and will return the $12,000 to her.
Let’s now remove 8 zeros and pretend it’s a household budget:
Lesson # 2:
Here’s another way to look at the Debt Ceiling:
Let’s say, You come home from work and find there has been a sewer backup in your neighborhood….and your home has sewage all the way up to your ceilings.
What do you think you should do ……. Raise the ceilings, or pump out the crap?The choice is coming Nov. 2012 .
- National Debt. What the HELL are they doing?! (tatianadenezhkina.wordpress.com)