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Banks to allow single ATM transaction for one PIN entry

admin — Wed, 05 Jan 2011 15:05:54 +0000

NEW DELHI: Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details.

In order to check misuse of ATM cards by unauthorised people, RBI has asked banks to allow only one transaction at ATM machines for one entry of PIN (Personal Identification Number which acts like a password for ATM transactions).

The transactions that a bank customer can conduct through the ATMs (Automated Teller Machines), by inserting or swiping the card and entering the PIN, include withdrawal of money, deposits, fund transfer, bill payments, checking account details etc.

Previously, customers were allowed to conduct multiple transactions through the ATM by punching in their PIN only once in a single session.

However, the practice was vulnerable to misuse by unauthorised people, especially in case authorised customers forgot to collect their ATM card after conducting the transaction.

There have also been cases when some people tamper with the ATM machines in a way that a customer cannot collect the ATM card after conducting the transaction. Once the customer moves out of the ATM machine thinking that the withheld card needed to be collected from the bank, the fraudster goes into the ATM and withdraws money as previous session remains active with the PIN already punched in.

Having received several complaints about the vulnerabilities of the existing practice, RBI has asked the banks to make changes in their systems to allow only one transaction for every entry of the PIN.

Although, RBI had asked all banks to follow these guidelines with effect from January 1, 2011, some of the banks are still in the process of updating their systems with the required changes. In the meantime, the banks have started communicating to their customers about the changes in the way ATM transactions are conducted.

In one such circular to its customers, private sector bank HDFC Bank said: “As per RBI guidelines, you will need to re-enter your ATM PIN for every additional ATM transaction in a single session, with effect from 1st January, 2011″.

“Please ensure you enter the correct ATM PIN for every transaction to avoid any inconvenience,” the bank said.

ATMs have become a preferred mode of banking transactions for both customers and banks, due to the convenience and cost-saving factors. The volume of ATM transactions increased from 17,797 lakh aggregating to Rs 4,38,151 crore during 2007-08 to 23,530 lakh aggregating to Rs 6,16,456 crore during 2008-09, as per RBI.

From: www.samachar.com

Forbes named the principal business guru

admin — Fri, 16 Oct 2009 14:51:58 +0000

Forbes magazine published the rating of the most influential people in the business world. First place again took the Indian Academy of Cu Kay Prahalad, the second line got only one in the top-50 Journalist Malcolm Gleduil from the New Yorker, the most influential businessman is Steve Jobs.
Forbes making the List of financial guru for the fifth time. This year, the rating has undergone many changes, and it appeared 30 new names. Thus the top 50 most influential experts left several prominent economists, including former head of the U.S. Federal Reserve Alan Greenspan, who a year ago was in the top three rankings.

Not only changed its leader – the second time in a row was named the most influential writers in the business world by Academician of the University of Michigan Sea Kay Prahalad. His influence on the business world is enormous, says Forbes. In the 90-ies, scientists have coined the term “core competencies”, which defined the strategy of a whole generation of managers. In addition, experts praised his work on the role of business in the fight against hunger and poverty in the world.

Rating is based on the survey of 3,5 thousand people, which are then processed by analysts. The majority of the top 50 are U.S. citizens, no Russians in it. In the first ten – six economists, three-billionaire and one journalist.
Canadian Malcolm Gleduil, who leading column in the magazine New Yorker, unexpectedly took second place in the ranking. The study authors called his articles and books “founts of wisdom.” Ranked third with leaders of the Nobel Prize for economics, Princeton University professor Paul Krugman, whose economic forecasts prove accurate, even during the financial crisis.

One of the founders, president and CEO of Apple, Steve Jobs – at the fourth position. Despite health problems, he remains one of the most influential in the business environment. When Jobs returned to work after a long illness, quotes Securities Apple grew on average by 20%.
Fifth place in the list of shared academics, Cheng Y, Kim and Renee Moborn of the European Institute of Business Administration, the authors of the book “Blue Ocean Strategy”. In the sixth line – beginner rating Muhammad Yunus, Nobel Peace Prize in 2006 and founder of the Bank for the Poor “Grameen.
The richest man in the world, the founder of Microsoft Bill Gates – in seventh place. The drafters noted his charitable work. Behind Gates in the list are yet another billionaire – Virgin founder Richard Branson, actively invests in the development of environmentally sound technologies.
The penultimate place in the top 10 – Academy of the University Norsvest Philip Kotler, author of “Bible” of marketing. Closes ten most influential people in business, Gary Hamel, a consultant and one of the founders of Internet project Mlab.

Forecast of development of the Indian medicines market in 2009-2018.

admin — Thu, 15 Oct 2009 14:51:03 +0000

The volume of the Indian market of medicines can reach almost 45 billion. India has all chances to reach the second position in terms of medicines market in Asia-Pacific region (after China).

Among the main drivers of the Indian market mark high growth of the economy, increased availability of drugs for the population, investment in infrastructure improvements in the health sector, as well as the prevalence of chronic diseases.

The volume of pharmaceutical sales in India in 2009 in national currency increased by 13.1% compared with the previous year to 618 billion rupees (14.2 billion dollars.) To 699 billion rupees (14.5 billion dollars.) Estimated «BMI». Note that the average growth rate of global Pharma in 2009 are expected at the level of 7,6%.

According to forecasts «BMI», in India the average drug expenditure per capita will increase from 11.96 dollars. in 2008 to 20,03 dollars. in 2013 and to 33,3 dollars. in 2018.

Embassy of Russia in New Delhi yesterday reported a sudden….

admin — Fri, 09 Oct 2009 14:49:19 +0000

Embassy of Russia in New Delhi yesterday reported a sudden demand of the Indian authorities by 31 October this year to redraw Russia’s visa specialists working at the sites of bilateral cooperation and previously entered the country on business visas. To meet this requirement, about 700 employees Russian companies urgently need to return to Russia, to get to the Embassy of India in Moscow than get new visa sample and then again comeback to India.

A curious situation arose after the Ministry of Internal Affairs of India, in September announced its decision to immediately clean up the visa granted by working in the country to foreign specialists. Currently, the usual practice, the issuance of employees of foreign companies, including workers, engineers and technical personnel. However, Interior Minister Palaniappan Chidambaram considered this practice unacceptable, with new rules for obtaining work visas, it was decided to distribute to those who have already entered the country on business. The first notice of the urgent need to reissue visas for his workers and professionals were at the Embassy of China, then Interior Ministry circular was sent to the offices of other countries.

Meanwhile, as stated yesterday, Charge d’Affaires of Russia in India, Andrei Sorokin, the sudden decision of Ministry of Internal Affairs of India is urgently redraw visas to hundreds of Russian experts jeopardizes the timely implementation of joint projects, including those implemented by the Defense Ministry, “Tyazhpromekporta and Atomstroiexport .

Russian diplomats in New Delhi trying to calm the situation with representatives of the Ministry of Internal Affairs, but the question of whether Russia will return specialist, remains open.

India transferred Russia $102 million for the modernization of “Admiral Gorshkov”

admin — Wed, 07 Oct 2009 14:31:34 +0000

India transferred Russia $102 million of additional funding for the modernization of the aircraft carrier “Vikramaditya’ (formerly Admiral Gorshkov). This was confirmed by “Vedomosti” director general of the enterprise “Sevmash” Nikolay Kalistratov. Allocation of these funds was approved by the Government of India last summer.

The contract for the modernization of the “Admiral Gorshkov”, which is called one of the most problematic deals in Russia, was signed in 2004, the period of performance – in 2012. Initially, it was estimated at $ 1.5 billion, including the delivery of 16 deck fighters MiG-29K for $ 750 million, but then Russia’s side demanded to increase the price of the contract. The overall cost of the work on the “Sevmash” valued at $ 2 billion, but the Indians found it too high and stopped funding.

President Dmitry Medvedev in June, during a visit to the Sevmash, spoke about the need to perform the contract, noting that it was” the only problem in Russo-Indian relations. ” Now, according to a source in Rosoboronexport, talks about the new contract was entered into the final stage and can be completed before the end of the year.