` Banking Codes and Standards Change for Credit Cards in India ‘

#AceFinanceNews – MUMBAI – May 15 –  The Banking Codes and Standards Board of India (BCSI) have prescribed self-regulatory norms through which credit card issuers have to treat their customers. Next time you apply for a credit card do remember to have these norms in mind and extract the best service from the provider.

Information

The credit card provider is expected to give you complete details of the fees, interest charges, billing methodology, penalties, renewal and termination procedures by way of explaining and also providing you with a detailed service guide/booklet giving all the details. A copy of the `Most Important Terms and Conditions’ has to be given at the time of application itself to the customer.

Yes or No

 Once the customer has shown interest in applying or has already applied, it is the duty of the provider to clearly state what will be turnaround time for the application, meaning, in how many days will you know whether you application is accepted or rejected.

Online Alerts

The provider has to provide online alerts (which could also include mobile alerts) for any transaction above Rs 5000 where the transaction is a “Card not Present” transaction like net based purchases etc.

Credit Card/Pin dispatch

The customer can receive the card/PIN at the mailing address or alternate address or in case the customer wishes he has the option to physically collect the Card/PIN from the branch of the provider. Also for safety, the PIN will always be sent as a separate mail.

Activating card

In cases where the bank activates a card without consent from the customer and charges any bill/fees for it, the bank is liable to pay a penalty amount equivalent to twice the value of the charges.

Immediate information on Limit reduction

The bank is expected to immediately inform the customer by SMS/Mail in cases where the credit limit is decreased and simultaneously also send a written communication

Loans/Credit facility/Enhancement

Any increase in credit limit or extension of loan can only be done after getting a written consent from the customer.

Credit card Statements

The bank has to send a statement on a pre-determined date and free of cost to all the card holders. In case of non-receipt of statement and complaint by the customer regarding the same, the bank is expected to immediately send a copy of the statement, free of cost.

Notice Period for changes

Any changes in fees, charges and terms and conditions can only be effected after giving at least one month’s notice along with the monthly statement. Only in cases where there is a change in interest rates and regulatory changes the bank can implement them with effect from the date of announcement.

Evidence for transactions

The bank is bound to show original proof of any contentious transactions where they do not accept the customer’s contention. The customer has to be given all the details he or she asks for in cases where the customer feels that he does not recognize a particular transaction.

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#AceFinanceNews MOSCOW April 10 VTB one of Russia’s…

#AceFinanceNews – MOSCOW – April 10 – VTB, one of Russia’s biggest banks, is looking at winding up its business in Serbia, India and Vietnam, VTB CEO Andrei Kostin told a news conference on Thursday.

#AFN2014

“We are not planning to expand our activity at foreign subsidiaries, moreover, we are scaling down our presence in some countries,” he said. We do not plan to expand our activity in Western Europe either.”

#india, #moscow, #russias, #serbia, #vietnam, #vtb, #western-europe

Russians Energy Minster says ` Domestic Gas Prices in `Europe ' Could Rise by 50 Percent if it Cut's Supplies from Russia '

#AceFinanceNews – EUROPE – April 04 – (RT) – “Moving away from pipeline transportation of natural gas, construction of terminals and deliveries of liquefied natural gas will lead to an increase in gas prices in Europe from the current $380 per 1,000 cubic metres to at least $550,” Novak said in an interview to the Russia 24 TV Channel.

“And the question arises: are the economies of European countries ready to supply and consume gas at such a price?” the Minister asked.

The US has insisted that Europe needs to urgently cut its dependence on Russian gas, with the US Secretary of State John Kerry saying Moscow should no’t use energy exports as a political weapon.

“It really boils down to this: no nation should use energy to stymie a people’s aspirations,” Kerry said in Brussels on Thursday, the same day Russia’s Gazprom increased the price to Ukraine another $100 per 1,000 cubic metres.

On Wednesday the US and EU reaffirmed their plan to move away from Russian gas, stressing that developments in Ukraine “have brought energy security concerns to the fore” .

Meanwhile, Russian energy companies have started to feel the pulse in markets outside Europe, mostly focusing on Asia.

Gazprom talked to Kuwait and Egypt about increasing LNG supplies and hopes to sign a long-term supply deal with China next month.

Also, the president of Russia’s oil major Rosneft has toured Japan, South Korea, Vietnam and India.

RT – INS – IT

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BRICS Economic Forum : ` Economic Insecurity Accelerates the Establishment of a `BRICS Development Bank ‘ – Closer ‘

#AceFinanceNews – A high level of mutual understanding among the experts of the five countries on key problems became the distinguishing feature of the 6th Academic Forum of BRICS (Brazil, Russia, India, China, and South Africa), which ended on Wednesday, Vyacheslav Nikonov, leader of the Russian delegation at the forum, Chairman of the State Duma Committee on Education, and Chairman of the Board of the Russian National Commmittee for BRICS Studies, told Itar-Tass.

“There is an unspoken understanding, there is no need to reiterate the problems that gave rise to arguments at previous meetings when the elaboration of documents proceeded with difficulty,” he pointed out.
Nikonov said,

“Matters concerning economic security in a broad sense were of particular importance” to the Russian experts. “This refers to problems connected with a de-dollarization of the economies and mutual settlements, the task of an accelerated establishment of a BRICS Development Bank which could implement projects regardless of the attitude of the financial institutions of the West, the formation of a BRICS Stabilization Fund, the use of national currencies in mutual and multilateral settlements, and matters that have a bearing on the de-dollarization of gold-and-currency reserves,” the Russian delegation leader explained.

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` United States Tax-Payers foot the bill in ` Interest Payments ' for ` US Debt ' owned by `Top Four Technology 'firms '

#AceFinanceNews United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.

Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agency debt in accounts overseas, allowing them to avoid the 35 percent (maximum) corporate tax rate in the United States, according to US Securities & Exchange Commission reports.

Together, the companies would be the 14th biggest overseas holder of Treasury securities, just ahead of countries like Norway, Singapore, and India.

“If a US multinational puts its offshore cash into a US bank and uses the money to buy US treasuries, stocks and bonds, those funds ought to be treated as having been repatriated and subject to US tax,” Sen. Carl Levin, chair of the Senate permanent subcommittee on investigations told the Bureau of Investigative Journalism.

RT – News Sources

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#apple, #cisco-systems, #google, #india, #microsoft, #norway, #rt, #singapore, #u-s-securities-and-exchange-commission, #united-states, #us

#UK ” Major Crisis for `British Bankers’ on the Cards as `Exposure’ to `Asia and Pacific Regions’ to `Large Debt’ Risk”

#AceFinanceNews says `Europe Exposed: Over $3 trillion in Emerging Market Loans – time to bail-out!

Published time: February 04, 2014 15:09
Edited time: February 05, 2014 13:03
  
AFP Photo/Lionel BonaventureAFP Photo/Lionel Bonaventure
​The Fragile Five, BRICS and MINT are acronyms for countries like Turkey, Mexico, Indonesia, and China that are at the focus of the emerging crisis. But Europe may be the most vulnerable, as banks have more than $3.4 trillion in loans in shaky markets.

European companies have a bigger exposure to emerging markets than US or Japanese firms, according to research by Morgan Stanley Capital International.

Europe’s most vulnerable banks the ones with the most risk in emerging markets – are BBVA, Erste Bank, HSBC, Santander, Standard Chartered, and UniCredit, according to analysts, Reuters reported. Deutsche Bank analysts estimate the six most exposed European banks have more than $1.7 trillion tied up in developing markets.

Spain’s Santander is deeply intertwined in Latin America with bank earnings sourced from Brazil (23 percent) and 132 billion euro in loans across the region at the end of 2013.

Another big Spanish lender BBVA is very involved in Mexico, which in 2013 made up 80 percent of group profits. The bank has $55 billion in exposure to Mexico, whose peso weakened nearly 3 percent in January.

BBVA and UniCredit have high exposure in Turkey, Standard Chartered and HSBC have exposure to India and Indonesia, according to analysts cited by Reuters.

At the end of September, European banks had $3.4 trillion of loans in developing countries, according to data from the Bank for International Settlements. British banks had a $518 billion exposure in Asia and Pacific regions, Spanish banks had a $475 billion in Latin America, and French and Italian banks both loaned $200 billion in ‘southern’ European economies.

European banks hold about 12 percent of their assets in emerging markets, which are high risk but high return, Deutsche Bank analyst Matt Spick told Reuters.

Weak economic growth, paired with the US’s decision to wind-down its stimulus bond-buying program has sent emerging markets into a financial frenzy and currencies in South Africa, Turkey, and Mexico to pre-crisis lows. Investors are selling off their emerging market assets to Europe and the US, which are regaining economic strength and may bump up interest rates soon.

Reuters/Luke MacGregorReuters/Luke MacGregor

‘Threat’ to Europe’s banks

“When currency [volatility] combines with revenue slowdowns and rising bad debts, we see compounding threats to the exposed banks,” Spick told Reuters.

According to Spick, Standard Chartered may be the most exposed bank, as 90 percent of the bank’s earnings are dependent on Asian, African, and Middle Eastern loans.

Brazil, Russia, India, China, and South Africa, the BRICS nations account for 25 percent of global gross domestic product, and as a whole their growth disappointed in 2013: Russia’s economy only grew 1.3 percent by preliminary estimates, and China expanded by less than 8 percent for the first time in 20 years, with growth slowing to 7.5 percent.

With the exception of China – which keeps tight control over the yuan – BRICS currencies have been badly weakened. India’s rupee has had one of its worst years ever, and in 2013 lost 11 percent against the dollar. The Russian ruble has hit a 5-year low against both the dollar and euro.

Mexico, Indonesia, Nigeria, and Turkey make up the ‘MINT’ countries – economies that are forecast to eventually eclipse the BRICS. MINT nations continue to be hit hard by the emerging crisis, and have seen large currency devaluation.

Devaluation is partly a reaction to the US decision to taper, but domestic monetary policy set by central banks- like interest rates and currency controls- also have a big effect on currency strength. Turkey and India have raised rates in an attempt to counter weaker currencies.

Negative shocks in the emerging market – fueled both internally and externally, have resulted in a $7 billion leak out of exchange traded funds in developing nation assets in January 2014, according to Bloomberg data.

Europe is currently trying to reform its banking system by performing stress tests to make sure banks have adequate capital, and it can expose weak points and boost investor sentiment after it was pummelled by the 2008 financial crisis.

 

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#acefinancenews, #bric, #china, #deutsche-bank, #emerging-markets, #india, #indonesia, #mexico, #standard-chartered, #turkey, #unicredit