Tuesday, September 9, 2014

It is up to bank to recover money from guarantor or borrower: NCDRC

National Consumer Disputes Redressal Commission (NCDRC) dismissed the complaint filed by Kerala resident R S Vasan against Canara Bank.

NEW DELHI: The national consumer commission has dismissed a man's plea filed against a bank which recovered from him the dues, borrowed by a person whom he had introduced to it, saying that "it is the choice of bank to recover money either from the guarantor or the borrower".

National Consumer Disputes Redressal Commission (NCDRC), presided by Justice J M Malik, dismissed the complaint filed by Kerala resident R S Vasan against Canara Bank, while rejecting his contention that he was not a guarantor and that for the recovery, the bank should have first approached the family of the borrower who had died.

"It is well-settled that it is the choice of the bank to recover the money either from the guarantor or the borrower. It is abhorrent from the principles of law to say that the bank must first of all recover the money from the borrower and thereafter it can proceed against the guarantor," NCDRC said.

It passed the order while hearing a revision petition filed by the bank against Kerala State Consumer Commission, which had directed it to pay Rs 1,49,698 to Vasan.

The district forum, too, had decided the case in Vasan's favour. NCDRC reversed both the orders passed by the lower foras.

NCDRC, while rejecting Vasan's claim that he had no intention to be a guarantor, said that he had signed the blank papers at his own peril.

Prashant Sharma

PGDM-IIIsem

Jan Dhan scheme: Banks to gain ` 15,000 cr in 1 yr

NEW DELHI: For public sector banks, the Pradhan Mantri Jan Dhan Yojana (PMJDY) could bring a booty of over ` 15,000 crore of low- cost deposits through CASA (current and savings account) within a year, a senior finance ministry official said. Banks have already garnered over ` 1,000 crore from 22.4 million accounts that have been opened so far since August 28 when the scheme was launched.
Banks pay very low interest on savings account and deposits under CASA form a major source of funds. Therefore, banks with higher CASA ratio typically have better net interest margins, which means better operating efficiency. So, at a time when the going is getting tougher for state-owned banks, these deposits could help in improving their balance sheets.

“While these are zero balance accounts, they are aimed at those who are not under the banking net and they, too, need to save their earnings. So while there is no requirement to mandatorily maintain any minimum balance, but most account holders have parked their money in these,” GS Sandhu, secretary, financial services told HT.
“The scheme is a big plus for banks as there will be a surge in CASA deposits and therefore there is no cause for worry for banks even as they would be providing ` 5,000 overdraft facility to account holders with satisfactory repayment track,” said RK Dubey, chairman and MD, Canara Bank.
NAME-RAJ GAURAV
PGDM 3SEM

Total returns include capital appreciation and income accrued investments

This concept is relevant more to funds that pay out dividends regularly

Total returns from a portfolio takes into account both the capital appreciation produced by investments as well as the income accrued from the investments (in the form of interest and dividends). In the context of MF investing, this concept is relevant more to funds that pay out dividends regularly (such as debt funds). For growth plans of MF schemes, the total returns of a fund are fully captured in the form of the net asset value (NAV) growth (capital appreciation) of the fund. Hence, if you are trying to evaluate a fund’s performance, you should stick to evaluating the fund’s growth plan. If you are trying to determine your own portfolio’s performance and if you are holding dividend plans of some schemes, you should look at the total returns (including both NAV growth and dividends received) to see how much you really gained from your investments.

Total returns include capital appreciation and income accrued investments

I am 28 years old and would like to invest in MFs. At the moment, I do not have any investments. I can invest up to Rs.15,000 a month. I’m also looking to save some tax. What kind of funds should I invest in? —Shaheen

Thanks to the recent budget announcement, the maximum amount that can be invested in tax-saving MFs for claiming deduction under section 80C has been increased to Rs.1.5 lakh.

Given that this section includes provision for various financial instruments, including provident fund, insurance and home loans, you would first need to figure how much of this allowance you can utilize for tax deduction. Once you identify that, you should salt away that investment as soon as possible in good tax-saving funds such as Axis Long Term Equity and Quantum Tax Saving funds.

After you are done with your tax saving investments, you can start your systematic investment plan (SIP) in a diversified portfolio of regular MFs. Assuming that you plan to invest for a reasonably long term (5-plus years), a balanced portfolio of a large-cap fund, two diversified funds and two small- and mid-cap funds will fit the bill nicely. For example, a portfolio with these schemes—Franklin Templeton Blue Chip, UTI Opportunities, Quantum Long Term Equity, ICICI Prudential Discovery and IDFC Premier Equity funds would make a good portfolio along these lines

Shah Mohammad Abdul Qadir

PGDM lll semester

IIMT college Of Management.

Greater Noida,U.P.

Women's apparel brand eShakti gets funding from IvyCap, IDG Ventures

BANGALORE: Online women's apparel brand eShakti.com has received funding from venture capital firm IvyCap Ventures, as it prepares to scale up operations in the US. Existing investor IDG Ventures India also participated in this second round of funding that takes the total amount raised by the Chennai and Gurgaon-based company to about Rs 90 crore.

eShakti, which makes custom-designed clothing for women in the US, will also use the money to hire talent and improve technology. "We int ..

thing for women in the US, will also use the money to hire talent and improve technology. "We intend to add talent at all levels in the coming months to support our growth plans," said BG Krishnan, founder of eShakti.

"Given height and size differences across the population (in the US), there is a big need in women's fashion for clothes that fit and fall well." Founded by Krishnan in 2001 as a lifestyle products firm for Indians living in the US, eShakti changed its business model six y ..

anand maurya
pgdm-3sem

Women's apparel brand eShakti gets funding from IvyCap, IDG Ventures

Monday, September 8, 2014

Dollar jumps on yen, gives Japanese stocks a lift

Markets elsewhere in the region were steady with MSCI’s broadest index of Asia-Pacific shares outside Japan down a slight 0.1%. Photo: AFP Sydney: The US dollar was holding broad-based gains in Asia on Tuesday in a boon for shares of Japanese exporters but a burden for oil, gold and stocks in the energy majors. As the dollar finally broke to a six-year peak on the yen and a one-year top on the euro, Brent oil sank to 16-month lows while gold carved out a three-month trough. A falling yen tends to be viewed as positive for Japanese exporters and corporate profits, and helped lift the Topix 0.5% to 1,305. That put the index within a whisker of this year’s peak at 1,308.08 and a break there would put it on ground last trod in July 2008. Markets elsewhere in the region were steady with MSCI’s broadest index of Asia-Pacific shares outside Japan down a slight 0.1%. Despite market concerns over China’s economy, stocks there have been buoyed by talk of more stimulus and reform measures. The CSI300 of the leading Shanghai and Shenzhen A-share listings put in its best performance in a year last week with gains of almost 5%. On Wall Street, the Dow closed down 0.15%, while the S&P 500 fell 0.31% but the Nasdaq eked out a 0.2% gain. Energy led the decline, with the S&P energy index off 1.6% and Exxon Mobil down 1.5%. Investors were now eagerly awaiting the launch of new products by Apple later on Tuesday in a much-hyped event at Cupertino, California. Apple has fed high expectations, with promises by executives that the company’s best product pipeline in 25 years is being readied inside its secretive facilities. Dollar up, pound down In currencies, the dollar index climbed as far as 84.349, bringing into view the July 2013 peak of 84.753. A break there will take it to highs not seen since July 2010. Giving bulls a boost, a research from the San Francisco Fed noted that investors are pricing in a lower trajectory for interest rates rises than members of the Fed itself are. “The market’s interpretation is that perhaps it had better re-price those expectations,” said Emma Lawson, senior currency strategist at National Australia Bank. The greenback raced to a high of ¥106.16, while the euro slumped to a low of $1.2881. Investors were already giving the common currency a wide berth after the European Central Bank (ECB) surprised on Thursday with a fresh round of stimulus. Sterling was nailed to 10-month lows after a second opinion poll found a marked increase in support for Scottish independence just 10 days before the country votes on whether to break away from the United Kingdom. The TNS poll found support for independence had risen six points to 38%, just a pip behind the ‘No’ camp at 39%. That follows a YouGov poll that showed approval of independence at 51% against the unity camp’s 49%, the first to find a majority for a ‘Yes’ vote. The YouGov poll caused tremors in financial markets on Monday, knocking the pound lower and hurting stocks of companies with a large Scottish presence. Sterling was at a fresh trough of $1.6092 early on Tuesday in Asia. The gains for the dollar meant losses for commodities, with gold down at $1,255.70 an ounce after losing more than 1 percent on Monday. Brent crude oil eased another cent to $100.19, after slumping as far as $99.36 overnight, the lowest since May 2013. US crude managed to bounce 30 cents to $92.96 a barrel. Reuters

anand maurya
pgdm-3 sem

El Nino remains possible this year as Pacific Ocean seen warmer

Melbourne: An El Nino event that brings drought to Asia and heavier-than-usual rains to South America remains possible this year as temperatures in the Pacific Ocean may stay warmer-than-average, Australia’s weather bureau said.

Read more at: http://www.livemint.com/Politics/fKGaq1nVjnstOBf6Tht2NM/El-Nino-remains-possible-this-year-as-Pacific-Ocean-seen-war.html?utm_source=copyCentral tropical Pacific surface temperatures could exceed El Nino thresholds by the year-end, the Bureau of Meteorology said on its website on Tuesday. It maintained a watch status, indicating at least a 50% chance of an event.

Read more at: http://www.livemint.com/Politics/fKGaq1nVjnstOBf6Tht2NM/El-Nino-remains-possible-this-year-as-Pacific-Ocean-seen-war.html?utm_source=Although tropical Pacific Ocean surface temperatures are within neutral range, an area of the sub-surface is warmer than average,” the bureau said. “A late season El Nino remains possible if these warmer waters rise to the surface and then affect atmospheric circulation, or if another sustained westerly wind burst develops in the western Pacific.” El Ninos, caused by periodic warmings of the tropical Pacific, occur every two to seven years and are associated with warmer-than-average years. The last El Nino was from 2009 to 2010, and the Pacific has either been in its cooler state, called La Nina, or neutral since then. Bloomberg

Read more at: http://www.livemint.com/Politics/fKGaq1nVjnstOBf6Tht2NM/El-Nino-remains-possible-this-year-as-Pacific-Ocean-seen-war.html?utm_source=copy

El Ninos, caused by periodic warmings of the tropical Pacific, occur every two to seven years and a

Read more at: http://www.livemint.com/Politics/fKGaq1nVjnstOBf6Tht2NM/El-Nino-remains-possible-this-year-as-Pacific-Ocean-seen-war.html?utm_source=copyEl Ninos can roil agricultural markets as farmers contend with drought or too much rain. Palm oil, cocoa, coffee and sugar are most at risk, Goldman Sachs Group Inc. has said. There is a 60% to 65% probability of the event during the Northern Hemisphere fall and winter, says the US Climate Prediction Center, which is also on El Nino watch.

Pratiam Kumari

PGDM- 3rd