Axis Bank and high-handedness in charging for neft transaction.

Unauthorised debit by Axis Bank and refusal to reply!

Axis Bank is a direct subsidiary of Reserve Bank and first private Bank in public sector. Well that is the dichotomy. It is therefore supposed to be fairer than private players but it appears, it is not.

A Bank account is like trust account. Banker is the trustee of customer’s money in the account. Axis Bank has been my Bank of choice for past decade. Recent tryst with Kotak Bank reaffirmed that choice. However of late Axis Bank is becoming the corporate monster that are many busy in stealing small funds from millions thereby making millions.

Charging for NEFT transaction:

NEFT is an acronym for National Electronic Funds Transfer (NEFT) which is an Indian system of electronic transfer of money from one bank or bank branch to another. As per my knowledge transfer of 2 lacs or two hundred thousand is made without any charges. However my account was debited with a miniscule amount towards NEFT charges, recently which surprised me. Hence I tweeted about it and as advised by Axis Bank’s twitter handler, I sent an email to Axis Bank.

My email to Axis Bank:

Dear Sir

I have two issues:
1. The NEFT transactions are being delayed too much. I transferred Rs.899/- *** on xx Oct. 2015 but it has not been credited in beneficiary account till date. The beneficiary is my credit card account with *** Bank.
2. Neft has no fee. Some times in the past I have found small amounts of Rupee or two and odd being debited in my account as NEFT charges. Why?
Kindly revert ASAP.

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email scam: an attempt to swindle me!

email scam: beware of this proforma

This is an email which rightly reached my spam folder. But it is hilarious. All names and addresses are correct except the email addresses, which actually matter. I wonder how many gullible people fell for this trap. Ha-ha.

Contents of scamming email:

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Celebrating inflation under economist Prime Minister Man Mohan Singh

These are days of celebration in India. We are celebrating inflation. High prices of food products. Instead of importing the expensive food stuff, the Govt. has decided that it will bring in Multi Brand Retailers like WalMart into India to share the loot. At what price this decision was taken will remain unknown till the Auditors will assess it. Considerations will be known when some journalist will investigate in genealogy of all concerned. Why such a sudden rush? It has no clue what to do with inflation. Does government knows what to do? RBI has decreased Cash Reserve Ratio. Last time it had reduced repo rate. So how bad is the situation? What is the worth of one rupee? This:

GarlicRs. 0.89 buys this one small Garlic.

And if we can afford to spend slightly more than a buck, we can buy this vegetable:

Bitter Gourd or Karela

It costs Rs. 1.08 only. Just the above one small piece. No More.

While Government is digging new holes to fill old ones, the Stock Markets are rejoicing over the decision of permitting foreign retailers to do business in India. However the past track record of Multi National Corporations indicate that they are the worst exploiters of the system. When a system with extremely weak/corrupt law enforcement, like that in India, exists, Corporations have treated consumers like fodder.

Any way I had one question: How the Prime Minister sleeps at night?

Does it not bother him that Millions of poor household in India has very meager fixed income and any increase in prices of food stuff is a punishment to go hungry at least once?

Or as every one says; He does not care at all?

Or he really has no clue? Like every one else.

Does a person holding highest position in the country for 8 years owes it to nation to explain what is wrong? Even if he was not elected directly by people but is in Office by being member of Upper House.

Can such questions be asked under Right to Information Act?

Several years ago, I saw a very meaningful painting and I shot a clipping which is now my desktop picture. The painter has illustrated the scenario very well. Here is a screenshot:

King and his courtiersThanks to the imagination of painter.

© Sandeep Bhalla

RBI repo rate cut

RBI has today announced that it is reducing the repo rate by 50 basic points. It is to be noted that there is no substantial reduction in inflation nor there is any respite from high import bill due to high prices of Crude. So why is this cut. Last October on 25th to be exact I had predicted that RBI is trying to extinguish fire with oil by raising the repo rate because such measure is inflationary. While inflation could not be controlled, high repo rate certainly adversely affected the cost of production resulting in steep fall in industrial production. Two steps forward, one step backward. The dance rhythm of RBI is amazing. Question is:   If increase in repo rate was to control inflation and it worked, why reduce it now?  There can be no answer for these steps are taken only for psychological effect. In reality it has no meaning or very little effect. In any case the economy is tumbling. I wonder if the Humpty Dumty has already tumbled? Let us wait and see!

© Sandeep Bhalla

Fire Fighting with Oil

On 25th October the Reserve Bank has again raised the Repo rates by 25 BP. Thus the Repo Rate Now stands at 8.5%. It is the highest anywhere in the world. The Rupee has reacted sharply to this and there has been an appreciation of Rupee by over 2% in a single day on 28th October 2011.
The reason for this increase and the past increases as well is stated to be that it will contain inflation. I find it illogical. For two reasons:

1. The depreciation of Rupee by 10% in past about a month itself had been inflationary.

2. The increase in repo rate by the Reserve Bank itself is inflationary. The Repo rate is the base lending rate for the Banking Industry. If lending rate goes up, it carries with it the cost of production as it is also an input component for goods produced.

I am no economist but I do not feel it right. It is compounded by the fact that same medicine which has already been administered by the Reserve Bank for many times in the past one year has not produced any result. I wish this persistence may bring some tangible result this time.

© Sandeep Bhalla