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Can’t pay your credit card bill? You could face criminal charges

Can't pay your credit card bill

Data from the recently released SBI Cards IPO prospectus reveals that the company has filed 19,201 cases under Section 138 of the Negotiable Instruments Act and 14,174 cases under Section 25 of the Payment and Settlement Act 2007. A case under Section 138, is typically filed when a cheque is dishonoured due to insufficiency of funds (colloquially known as cheque bouncing). A case under the Payment and Settlement Act is filed when there is a failure in electronic payments due to insufficiency of account balance (think auto debit for bill payment). Interestingly the cumulative amounts for these cases was just ₹25.52 crores and 72.6 crores respectively. This implies an average case of just ₹13,290 and ₹51,220 in credit card debt under the two acts respectively. For you the takeaway here is that no debt is too small and you could be facing criminal charges against you if you fail to repay the debt.

A footnote to the IPO prospectus details the collection procedure followed by SBI Cards. “SBI Cards may block the customer’s account, in the event payment is not received within stipulated payment due date, as communicated through statements and SMS,” it says. “The account block, in such cases, may be temporary or permanent depending on delinquency stage, default potential, payment history,” the note adds.

After roughly 6 months, your credit card account is moved to a recovery pool. “Accounts charged off post 191 days from payment due date are classified as recovery pool / post charge-off bucket,” says the note. In such circumstances, it mentions the battery of legal tools used by the credit card company. As per the footnote the company has resorted to alternate dispute resolution channels like arbitration, conciliation, bilingual legal notice, privilege police complaint and lok adalat depending upon risk profile. It has also used quasi-legal, legal action under Sec 138 of Negotiable Instruments Act. Both the sections quoted above provide for a jail term up to two years and a fine for up to twice the amount dishonoured.

Rajya Sabha passes SPG bill, Congress walks out


The Rajya Sabha on Tuesday passed the Special Protection Group (Amendment) Bill, 2019, a week after it was cleared by the Lok Sabha. The Congress party staged a walkout during voting on the Bill.

The amendments to the Act aims to provide SPG cover for only the prime minister and his “immediate family residing with him at his official residence”, as well as any former prime minister and members of his immediate family “residing with him at the residence allotted to him for a period of five years, from the date he ceases to hold the office of Prime Minister.”

The passage of bill follows a security breach at Priyanka Gandhi Vadra’s residence on 25 November. Senior Congress party leaders Ghulam Nabi Azad and Jairam Ramesh on Tuesday turned up the heat on the Centre for the proposed amendments, which the party claims has left the family vulnerable to threats.

Bharat Biotech launches new variant of rotavirus vaccine, Rotavac 5D

Bharat Biotech

NEW DELHI : Bharat Biotech International on Tuesday launched a new variant of its rotavirus vaccine, Rotavac 5D, a smaller dosage form of its earlier oral immunisation shot that can be stored at a relatively higher temperature.

Available in a 0.5 ml dosage, Rotavac 5D can be stored at 2-8 degree Celsius for up to 24 months, and can be administered in five drops. Rotavac 5D is also stable at 37 degree Celsius for seven days.

In contrast, the earlier version, Rotavac is available in 2.5 ml vial per dose and has to be stored at -20 degree Celsius.

The vaccine stability, combined with its small cold chain footprint, enables its use in low resource settings and outreach programs, the company said in a release.

Amid fierce competition, telcos ask Trai to set up floor price for data tariffs

Amid fierce competition, telcos ask Trai to set up floor price for data tariffs

New Delhi: Incumbent telecom carriers Bharti Airtel, Vodafone Idea and Reliance Jio have asked the sector regulator TRAI to set up floor pricing for data services as early as possible while asking for continuation of forbearance for voice services.

In a letter to Telecom Regulatory Authority of India Chairman, COAI Director General Rajan Mathews said tariff correction in the current level of fierce competition is not possible by any service provider voluntarily and thus the only option available is prescription of a minimum tariff for mobile data service by the Authority.

At the same time TRAI would be aware that unlike mobile data, voice services are considered as essential services by the people mainly at the bottom of the pyramid and therefore would need to be continued under the present forbearance regime.

NSE to take call on revoking Karvy suspension by 6 December

NSE to take call on revoking Karvy suspension by 6 December

MUMBAI : The Securities Appellate Tribunal (SAT) on Tuesday asked Karvy Stock Broking Ltd to approach the National Stock Exchange of India’s disciplinary committee to seek revocation of the trading suspension order.

After hearing Karvy’s representation, the NSE’s disciplinary committee will pass the final order by Friday on the status of the suspension order.

Karvy had moved SAT on Monday after all exchanges, starting with the NSE, suspended its trading licence across equity, cash, commodities and currency segments.

The suspension order by the NSE was followed by BSE Ltd and Multi Commodity Exchange (MCX). The exchanges had suspended the brokerage firm’s trading licence after its disciplinary committee found that Karvy violated exchange rules, as well as those of the market regulator.

Ola to trim 5-8% workforce, restructure business to improve profitability

Ola to trim 5-8% workforce, restructure  to improve profitability

Bengaluru: Ride-hailing startup Ola’s plans to restructure its business to improve profitability ahead of its planned public offering in India, and will trim 5-8% of its 4,500-strong workforce.

According to a person familiar with the developments, the restructuring will impact around 400 employees, only half of whom will be reassigned to other roles in and outside the group.

The person, requesting anonymity, told Mint that there is a “clear drive towards profitability and building a sustainable business” and that the company has launched several initiatives to do so, such as forming committees on governance and ethics.

“In terms of the organisational redesign, there is some amount of transitioning happening. Around 5-8% of people are transitioning, and are being redeployed into various companies within the group, as well as companies outside the group like Ola Electric, which is an independent company now. A substantial number is absorbed across the group… a certain amount of employees will be going outside the company too,” the above mentioned person said.


Business at standstill, no one lending money due to pending PIL: IBHFL tells HC


New Delhi: Indiabulls Housing Finance Limited (IBHFL) on Friday sought from the Delhi High Court an observation that the current court case should not affect the ordinary course of business of the company. The court was hearing the public interest litigation filed by an NGO against it which seeks a probe into the mortgage lender.

During pendency of the litigation, the company was not being lent money by any bank on the ground it was under scanner of the high court and, as a result, it was unable to lend to anyone leading to its business coming to a standstill, claimed senior advocate Rajiv Nayar, appearing for IBHFL.

The court has further asked given time to some of the respondents to file counter affidavits. The matter would be next heard on 28 February.

Patanjali secures ₹3,200 crore loan from banks to buy Ruchi Soya


New Delhi: Baba Ramdev-led Patanjali Ayurved on Friday said it has already tied up loan worth ₹3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.

In September, the National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya.

“The company has already secured required total debt from a consortium of banks led by State Bank of India,” Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement.

Patanjali also said it has got loans of ₹1,200 crore from SBI, ₹700 crore from Punjab National Bank, ₹600 crore from Union Bank of India, ₹400 crore from Syndicate Bank and ₹300 crore from Allahabad Bank.

RBL Bank to raise ₹826 cr via preferential allotment

RBL Bank

Mumbai: Private sector lender RBL Bank Ltd, on Saturday, said it has approved raising of ₹825.79 crore worth equity capital by way of preferential allotment to five investors.

The bank’s board has agreed to allot 24.24 million shares at ₹340.70 apiece to Bajaj Finance Ltd, foreign institutional investors East Bridge Capital Master Fund I and FEG Mauritius FPI Ltd, along with Ward Ferry Management Ltd-managed hedge fund WF Asian Reconnaissance Fund and Asia-focused stock hedge fund, lshana Capital, the bank said in an exchange filing. The shares were issued at a 9.8% discount to the bank’s ₹374.15 closing price on Friday.

Terror groups making ‘consistent efforts’ to infiltrate along border: BSF chief


NEW DELHI : The Border Security Force (BSF) on Sunday said militant groups have been making “consistent efforts” to infiltrate along India’s International Border and the Line of Control shared with Pakistan.

The remarks come even as the BSF has been carrying out drone activity along the International Border. The Indian Army has also red-flagged infiltration routes which are being used by militant groups, particularly the Jaish-e-Mohammad, to enter India, in an attempt to reactivate its camps at the Balakot sector in Pakistan.

Speaking at the force’s 55th raising day, director general of BSF Vivek Kumar Johri said, “There are consistent efforts to infiltrate through the border. Recently, we have taken measures to deal and handle recent drone intrusion incidents in border areas.”

The future of $70 billion Maharashtra refinery in limbo

The future of $70 billion Maharashtra refinery in limbo

MUMBAI : The fate of the proposed $70 billion refinery and petrochemicals project in Maharashtra hangs in the balance with the Shiv Sena-Congress-Nationalist Congress Party (NCP) front hinting that it is likely to scrap the proposed project.

The project, named Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), which was announced in December 2015, was to be commissioned by2022, but delays in the land acquisition had pushed the deadline to 2025.

With a 60 million tonnes per annum (MTPA) capacity, RRPCL is a joint venture comprising Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-owned oil marketing companies, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL). Saudi Aramco and Adnoc will jointly own 50% of the refinery, with the remaining 50% being owned by the Indian oil companies.


CII, FICCI close ranks against Reliance Jio


New Delhi: Industry bodies, CII and FICCI have closed ranks and written to the Finance Minister Nirmala Sitharaman to address the situation on the precarious financial position of telecom operators with a debt of ₹7 lakh and to ensure there is robust competition for the vibrancy in the sector.

CII and FICCI Presidents have written similar letters to the Finance Minister arguing for robust competition, which is being seen as support for beleaguered operators, Airtel and Vodafone Idea.

They have also sought relief for the telecom sector arguing that it has an impact on several sectors and the economy as a whole. The chambers have also sought a meeting with Sitharaman to propose potential remedies for the sector.

“The recent developments on the adjusted gross revenues (AGR) dues of the telecom service providers, have triggered a great deal of concern not only to the seriously affected TSPs, but also mongst others who are part of the overall telecom ecosystem. The precarious financial health of key players in this sector and their massive financial burden (estimated to be ₹7 lakh crore), threatens not only their individual existence but also the much-needed vibrancy in this sector of national importance,” CII President Vikram Kirloskar wrote to the Finance Minister.

Air India offers additional baggage allowance for passengers

air india

Air India has come out with a lucrative offer for its passengers. It will allow them an additional baggage allowance of 10 kg on every domestic flight. All airlines, be it domestic or international, have strict baggage rules. Beyond the prescribed limit, airlines charge an excess baggage fee from travellers. Baggage charges and excess baggage fee differ from airline to airline. Tweeting about it, Air India said, “Here’s something that’ll be music to your ears – 10 KG extra baggage allowance on every domestic Air India flight. Now carry what all you want and save money too, up to ₹5,000.”


Apple supplier Salcomp to invest ₹2,000 crore in Sriperumbudur’s Nokia plant


NEW DELHI : Finland’s Salcomp, a supplier to US tech group Apple, is to invest ₹2,000 crore ($278.67 million) in India to make mobile chargers and other smartphone components from March 2020, the country’s technology minister said on Monday.

Salcomp has reached an agreement to take over a facility, formerly owned by Nokia, in Chennai and will begin operations at the site by March, Ravi Shankar Prasad told a news conference.

Salcomp, a major supplier of chargers to Apple for its iPhones, has reached an agreement to take over the entire facility of Nokia handsets lying closed for the past so many years, Prasad said.

“I can tell you apart from chargers and other equipment it will lead to a diversified product portfolio,” Prasad said, adding that Salcomp would invest the ₹2000 crore at the site over the next five years.


The Indian government has finally admitted that the Chandrayaan-2 Vikram lander has crashed on the moon

moon lander isro


The Chandrayaan-2 moon lander was India’s second attempt at sending a lunar craft to the moon, the first was the famous Mars landing. The mission was touted as to be a major step in India’s space faring goals. But, just a few days ago, the Indian government finally admitted that the lander crashed just 500 meters from its intended target. On September 6, ISRO lost contact with Chadrayaan-2 and it has now been revealed that the lander crashed because of a problem with its braking rockets.


Airtel users can now use VoWiFi calling when signal strength drops

airtel india


Airtel has been working hard on improving its network and it was reflected in the October 2019 Mobile Network experience report. The telco managed to win the best video and download speed experience award and now, it is finally enabling VoWiFi service for its consumers. First reported by ET Telecom, Digit also received the confirmation from an Airtel spokesperson that the service is being rolled out for consumers. While most of us are familiar with Voice over LTE or VoLTE, VoWiFi is a rather fresh term that signifies Voice over WiFi. As the acronym suggests, the option enables placing and receiving calls over a WiFi network.


Amazon’s Jeff Bezos wants to move industrial production to space, stop polluting Earth




It has been said that we humans are polluting the Earth at such an alarming rate that we won’t have much of a planet in the next few decades. From climate change to mass plastic pollution, we’ve essentially turned the Earth into a prototype version of the planet we see in the Pixar animated film, Wall-E. But there is one person who is bucking the trend and is looking at the stars for inspiration. Jeff Bezos, the CEO of Amazon, has outright said that we need to start building our future industries in space and leave Earth alone. In fact, his space company, Blue Origin plans to launch a lunar lander called Blue Moon.



India leads Mobile Ad Fraud across Asia with 62%

Mobile Marketing Association released an Ad Fraud Benchmark Report on the state of mobile ad fraud in India. The report revealed interesting facts about the level of fraud, and its awareness in the country and aims to help marketers benchmark their exposure to various kinds of fraud.

The report has been published in collaboration with a leading research firm Decision Lab, with the objective of understanding the current industry practices around ad fraud and the methods adopted by marketers. It also highlights the rising and prevalent issues such as adware traffic, ad stacking, domain spoofing, that will help marketers understand organizational challenges and combination of various measures to tackle the problems effectively.



Now pay for Bharat Gas LPG cylinders using Amazon Pay has launched a facility for customers to pay digitally for their Bharat Gas cylinder refills on its mobile app and website. With this launch, provides customers a convenient way to pay and make faster checkouts.

Customers get a wide variety of payment options such as UPI, Credit Cards, Debit Cards and Net banking. Moreover, this frees them up from re-entering their details for every purchase. Customers also get 50% cashback on their first payment for Bharat Gas cylinders on until 30th November 2019.