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Goldman Sachs VP, ex-staffer held for siphoning off Rs 38.40 crore
Posted On : Wednesday, September 11, 2019, 10:32 AM
A 36-year-old Vice President of global investment bank Goldman Sachs, Ashwani Jhunjhunwala along with another former employee Vedanth Rungta have been arrested after being accused of siphoning off $ 5.4 million (approx. Rs 38.40 crore) through fraudulent transactions, according to the Bengaluru police. The main suspect Jhunjhunwala, who has been working with the company as VP – Foreign Exchange and Equity Settlements, for the past four years, is accused of committing the fraud after incurring losses of more than Rs 50 lakh in online poker and was believed to have been aided in the fraud by the former employee Rungta.
Domino’s soon to promise pizza delivery in 20 minutes
Posted On : Tuesday, September 10, 2019, 7:14 PM
Jubilant FoodWorks, the master franchisee of Domino's Pizza in India, plans to improve on its current promise of ‘delivery in 30 minutes or free pizza’, a company executive said. Domino's has been doing the pilot of 20-minute delivery in select stores across the country. “It’s early days yet, but we are seeing 20 minutes delivery translate into much better customer satisfaction scores,” Jubilant FoodWorks chief executive Pratik Pota told. The move is expected to give Domino's an edge over rival pizza brands and QSR chains, but some experts warned that it may prove to be a tough promise to live up to and raised concern that it would put unnecessary pressure on delivery boys. “This will increase over-speeding and is contrary to the new Motor Vehicle Act, after which you would expect delivery time to go up,” said Santosh Desai, managing director at Futurebrands Consulting.
Big Bazaar has been fined Rs 11,500 for charging Rs 18 for a carry bag
Posted On : Monday, September 9, 2019, 7:24 PM
Big Bazaar hypermarket in Chandigarh has been fined Rs 11,500 for charging a customer Rs 18 for a carry bag. The district consumer disputes redressal forum has directed the store to also refund the bag’s cost to complainant Sourav Kumar of Panchkula’s Sector 15. Many other big-brand shops such as Bata, Lifestyle, Domino’s, and Westside have also paid big penalties for putting a price on carry bag. Sourav had visited Big Bazaar on February 21, where the billing clerk demanded Rs 18 for a cloth bag to carry the purchased articles. He resisted, on the ground that it was displayed nowhere in the shop that carry bags were chargeable. Alleging deficiency in service and unfair trade practice on part of Big Bazaar, he filed a consumer complaint.
Eateries will have to display hygiene ratings on doors
Posted On : Saturday, September 7, 2019, 1:16 PM
Restaurants and hotels will soon have to display hygiene ratings on their doors. The food regulator is set to make such ratings mandatory for all restaurants along with presence of a food supervisor to monitor compliance of food regulation and ensure safety of food served. The idea is to raise the standards of dining out, while also ensuring the food served is safe and of good quality. The Food Safety and Standards Authority of India (FSSAI) has already started a pilot for rating among online players. It has also trained over 1.7 lakh food supervisors to ensure compliance, chief executive Pawan Agarwal said.
UberEats to ride with its main app in India
Posted On : Friday, September 6, 2019, 10:52 AM
Uber has started testing a new super-app interface in India that integrates food delivery and ride-hailing, multiple people familiar with the matter said. This will give customers an option to pick Rides or Eats with equal visibility — a prominent way to direct a rides customer to order food. The push to make Eats as prominent as rides comes just months after talks to sell its India food delivery business to Swiggy fell through. The move also indicates that the company plans to actively cross-sell different properties, beginning with nudging its riders to also become eaters.
Digital payments growing in India at 12.7%
Posted On : Thursday, August 29, 2019, 5:23 PM
Digital payments in India are witnessing thriving growth with a compound annual growth rate (CAGR) of 12.7 percent in the number of non-cash transactions, global advisory KPMG said on Thursday. A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years. QR-code based wallet acceptance points with low setting up costs have been instrumental in driving mass adoption among merchants, thereby increasing convenience for customers as well, creating a virtuous cycle for the ecosystem, the report said.
IRDAI imposes Rs 1.11 crore penalty on Policybazaar
Posted On : Thursday, August 29, 2019, 3:22 PM
The insurance regulator has imposed a Rs 1.11 crore penalty on web aggregator Policybazaar for violation of regulations. Insurance Regulatory and Development Authority of India (IRDAI) said Policybazaar entered into a partnership with a non-insurance entity called 'Indian Health Organization by Aetna' (IHO) and offered incentives to its customers in violation of regulations. IRDAI said incentives included complimentary wellness benefits for all new eligible customers and covered five OPD consultations, unlimited telemedicine consultations, unlimited second opinion services, as well as pharmacy discounts. Further, the web aggregator also displayed the services offered by IHO on its website. This is a violation of regulations as these entities are not allowed to advertise products and services of other entities.
E-commerce guidelines to be mandatory under consumer protection law: Paswan
Posted On : Wednesday, August 28, 2019, 10:09 AM
To protect consumer interest, the government said the guidelines drafted for e-commerce firms will be made mandatory under the new Consumer Protection Act and stringent action against violators will be taken by a regulatory authority. The consumer affairs ministry has decided to frame the rules to implement the Consumer Protection Act by December and asked stakeholders to submit their views by September 15. Meanwhile, the ministry has also sought views on the draft guidelines on e-commerce by the same date. "The draft guidelines on e-commerce will be made part of the rules under the new consumer protection law. Once included under rules, the guidelines become mandatory," Consumer Affairs Minister Ram Vilas Paswan told reporters.
ATMs might soon place 6-12 hour gap between cash withdrawals: Report
Posted On : Tuesday, August 27, 2019, 3:38 PM
The Delhi State-Level Bankers' Committee (SLBC) has suggested keeping a window of 6-12 hours between cash withdrawals to prevent frauds, according to a report by The Times of India. "A lot of these frauds happen at night, from around midnight to early morning. A bar on transactions for a certain period can help," said Mukesh Kumar Jain, the CEO of Oriental Bank of Commerce and the Delhi SLBC convener, told the publication. One-time password (OTPs) for cash withdrawals, similar to the kind used for card transactions online, are also being considered, Jain told The Times of India. Another measure being evaluated is a centralized monitoring system with a two-way communications system, the report said.
Food apps can't set discounts: Restaurants
Posted On : Tuesday, August 20, 2019, 7:13 PM
Restaurants are willing to pay food aggregators for reservation and delivery but won’t let them dictate discounts, the head of a national body of restaurants said on Monday, hardening its stance on the ongoing move by eating joints logging out of platforms operated by apps. Challenging deep discounting practices of online food aggregators, the National Restaurant Association of India (NRAI) last week claimed 1,200 restaurants had delisted themselves from online platforms, including Zomato, Eazydiner and Nearbuy under the #Logout campaign. On Monday, several restaurant owners put the number even higher at 2,200.
RBI asks banks not to count failed transactions, balance enquiry as ‘free ATM transactions’
Posted On : Friday, August 16, 2019, 10:31 AM
The Reserve Bank asked banks not to count failed transactions at ATMs due to technical reasons as part of “free ATM transactions” permitted every month. Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges. The RBI’s clarification in this regard comes after it has come to notice of the central bank that transactions that have failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions.
Zomato moves cyber police over its fake helpline
Posted On : Wednesday, August 14, 2019, 11:43 AM
Online food major Zomato moved the cybercrime police station alleging impersonation and fraud by a bogus customer care support helpline who allegedly is fleecing customers. The company, in its complaint, claimed that it does not have any customer care helpline phone numbers. But recently, it has received complaints from its customers about the presence of bogus/fake website and contact numbers on the internet guised as customer care websites/contact numbers of Zomato. The complaint filed by Zomato reads: “The customers approaching these websites and contact numbers for resolution of their grievances are being cheated and duped in different ways".
RBI to set up central registry for tracking frauds in payment systems
Posted On : Friday, August 9, 2019, 10:23 AM
The Reserve Bank of India has decided to set a Central Payment Fraud Registry to track frauds in the payment systems. Payment system participants will be provided access to this registry for near-real time fraud monitoring, the central bank said. The aggregated fraud data will be published to educate customers on emerging risks. Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. "With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring, and management by the stakeholders have assumed importance," the RBI said.
Railways launches onboard shopping; shop in trains like you do in flights
Posted On : Friday, August 9, 2019, 9:40 AM
Indian Railways on Thursday introduced on-board shopping in train for passengers travelling in the Ahmedabad-Mumbai Karnavati Express. "This will give opportunity to passengers to buy FMCG products of daily need while commuting," the railways said. Passengers can buy cosmetics, stationery and other items on some trains on MRP. Among others, household products, oral care, skincare, haircare products, cosmetics, health-related items, paper products, confectionery, stationery products and other will be available and sold as per their maximum retail price, the Indian Railways said.
Coffee Day Enterprise appoints EY to scrutinize book of accounts
Posted On : Friday, August 9, 2019, 9:28 AM
Coffee Day Enterprises on Thursday said it has appointed global accounting firm EY to scrutinize the books of accounts of the company and its subsidiaries. Besides, EY will also investigate into the circumstance under which Coffee Day Enterprises late founder V G Siddhartha had written the purported letter dated July 27, 2019, alleging harassment by the Income Tax department. The board of the company, in its meeting held on Thursday, also decided to appoint a person of eminence or a reputed firm as strategic corporate advisor.