Consumer

'Indians more willing to share personal info than others'

Mumbai: Even as cases of financial fraud are dotting cyber space across the world, Indians seem more forthcoming in giving out their personal information for personalised services and simplification of finance management than their global counterparts, a study by Cisco has said.

According to the Cisco report, 72 per cent of respondents from India said they would provide more personal information to simplify management of finances compared to 56 per cent participants agreeing globally.

The study, conducted in early 2013, aimed at finding out how and when consumers want to engage with their banks across multiple channels for activities ranging from account monitoring to acquiring financial advice.

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Income limit of 'creamy layer' hiked to Rs 6 lakh per annum

New Delhi: In a bid to widen the ambit of beneficiaries getting reservation under the OBC quota, the Central government on Thursday enhanced the ceiling for applying the 'creamy layer' restriction on "socially advanced persons". While the income criteria so far was Rs 4.5 lakh per annum, the Union Cabinet today increased it to Rs 6 lakh per annum. The increase in the income limit to exclude the creamy layer...  

CPI inflation slows to 9.39 per cent in April

New Delhi: After better than expected industrial production numbers, which came at 2.5 per cent for the month of March, inflation has also hit a 13-month low. Consumer Price Index for the month of April is at 9.39 per cent against 10.39 per cent in March. Rural inflation was also seen going down at 9.16 per cent as compared to 10.41 per cent in March. Food prices for consumers rose...  

Walt Disney to pullout from Pakistan, Bangladesh

Washington: The Walt Disney Company has announced its decision to pull out of Bangladesh, Pakistan and three other countries by April 2014, citing safety standards of workers in the supply chain. The decision was made before last week's devastating collapse of a factory building in Bangladesh that left more than 400 people dead and over 2,500 injured. Disney said that its decision was prompted by the November fire at the...  

RBI likely to cut interest rates to prod sputtering economy

Mumbai: The Reserve Bank of India (RBI) is expected to cut its policy interest rate by a quarter point on Friday for the third time this year as it looks to bolster an economy growing at a decade low and takes comfort from easing inflation. While investors are hoping to hear a less-hawkish tone from RBI Governor Duvvuri Subbarao, the RBI in its report on macroeconomic and monetary developments on...  

Indonesia overtakes India as the most optimistic market

London: Indonesia overtook India as the most optimistic consumer market globally, according to a survey by global information and insights company Nielsen. Japan, where the central bank has aggressively boosted economic stimulus, reported its highest consumer confidence score since 2006 although Japanese were still very cautious about the outlook. Global consumer confidence rose in the first quarter, with a marked increase in sentiment in the United States, Japan and northern...  

British Airways told to pay Rs 90,000 for losing luggage

New Delhi: British Airways has been asked to pay Rs 90,000 as compensation to a passenger for losing his luggage in transit from Delhi to Milan. The South West District Consumer Disputes Redressal Forum noted that due to loss of baggage, the man had to purchase at huge cost articles of daily use for the duration of his and his wife's stay in Milan and is entitled to be compensated....  

Retail inflation declines to 10.39 pc in March

New Delhi: Retail inflation declined to 10.39 per cent in March, snapping the five month rising trend, as prices of vegetables and protein based items eased. The Consumer Price Index (CPI) based inflation was at 10.91 per cent in February. The inflation, however, continued to remain in the double digit terrain for the fourth consecutive month in March. The prices in the vegetables basket eased to 12.16 per cent in...  

HC rules in favour of BEST in MTNL tariff case

Mumbai: The Bombay High Court has upheld the decision of a power distribution company categorising telephone exchanges of Mahanagar Telephone Nigam Ltd (MTNL) as 'commercial consumer' for the purpose of charging tariff. MTNL had filed a petition challenging the decision of Brihanmumbai Electric Supply and Transport Undertaking (BEST) to change its category from 'industrial consumer' to 'commercial consumer'. BEST contended that the Appellate Tribunal for Electricity had recently held that...  

UP Power Corporation may hike power tariff

Lucknow: Uttar Pradesh Power Corporation has proposed to hike electricity tariff in Lucknow, Ghaziabad and Noida to about Rs 5.25 per unit. The corporation has sent its proposal to increase the rates to the state government pointing out that the three cities have to be provided electricity round the clock. The power corporation has forwarded the proposal to electricity regulatory commission and the Uttar Pradesh government. The corporation claims that...  

Report medical negligence cases to consumer court: Dr R Ramnarayan

A young woman and mother of two, Shailaja has been reduced to a completely vegetative state reportedly because of an anaesthesia overdose she underwent while in for a surgery. Today, she cannot eat, speak or move. She is completely immobile, all because her family say an overdose of anaesthesia. What should happen in such cases of medical negligence? Dr R Ramnarayan, a top neurosurgeon who has offered his help to...  

AI to pay Rs 30,000 to retd Vice Admiral for 'casual attitude'

Air India has been directed by a consumer forum in New Delhi to pay Rs 30,000 to a retired Vice Admiral as compensation for the airline's "casual attitude" towards in-flight services provided to him on an international flight to New York, USA. ...  

LIC asked to pay Rs 1 lakh for denying claim arbitrarily

Life Insurance Corporation (LIC) has been directed by a consumer forum here to pay Rs one lakh to the husband of a policy holder for "arbitrarily" rejecting his claim for the assured amount on his wife's death. The New Delhi District Consumer Disputes Redressal Forum observed that LIC had "misdirected itself" by not showing any evidence that the deceased was suffering from asthma prior to availing the policy and had...  

Retail inflation rises to 10.91 per cent in February

Retail inflation moved up for the fifth consecutive month to 10.91 per cent in February, remaining in the double-digit terrain for third month in a row, on account of higher prices of vegetables, edible oil, cereals and protein-based items. ...  

Dead insects in Dettol bottle, company to pay Rs 10,000

Reckitt Benckiser (India) Ltd has been directed by a consumer forum in New Delhi to pay compensation of Rs 10,000 to a man who was sold a bottle of antiseptic liquid Dettol that contained dead insects in it. ...  

Citigroup may exit consumer banking in more countries

Citigroup Inc is looking to pull out of consumer banking in more countries in an effort to lower costs and boost profits, according to two people familiar with the matter. In December, Citigroup said it was withdrawing from consumer banking in five countries - Pakistan, Paraguay, Romania, Turkey and Uruguay - as part of an expense reduction plan that will save $1.1 billion a year and eliminate 11,000 jobs. The...  

Rural consumers will hold the key to stocks' success

From a macroeconomic perspective, 2012 for India was close to the worst that could have been forecasted in late 2011. Back then, it was called sensationalist to forecast a 5 percent GDP growth, a mid-50s steady-state value for the rupee against the US dollar, a sticky 7 percent-plus wholesale price inflation, close to double-digit consumer price inflation and almost no rate cuts from the RBI. It was feared that if...  

Consumer price inflation at 10.56 per cent in Dec

India's annual consumer price inflation accelerated to 10.56 per cent in December from the previous month, government data showed on Monday. ...  

Policy to deal with misleading ads soon: Thomas

Consumer Affairs Minister KV Thomas on Saturday said the government will soon come out with a policy mechanism to curb the practice of misleading ads in print and TV media that distort competition and violate the basic rights of the consumers. Expressing concern over a large number of misleading advertisements especially on health oils and tonics coming in print and TV media, he said the government is very serious about...  

Retail inflation rises by 9.90 pc in November

Rising for the second consecutive month, retail inflation surged 9.90 per cent in November driven mainly by rising prices of food items such as sugar, vegetables, edible oil and clothing. ...