Free withdrawals over: Pay Rs 20 for more than 3 ATM uses at SBI, HDFC Bank, Axis Bank

November 10, 2014

hdfc bankNew Delhi, Nov 10: Banking consumers will have to pay more if they are prolific with ATM transactions as State Bank of India (SBI) and its private sector peers HDFC Bank and Axis Bank have capped the free usage in six metros at three.

The capping and additional fees on excess usage come following a recent circular by the Reserve Bank of India allowing banks to limit the number of free ATM transactions to five - three in the largest six cities and two elsewhere - a month.

Under the new norms, which have been accepted by the RBI, a customer can make three free ATM transactions in the six largest cities at own-bank machines and two elsewhere.

The new limits and rates by SBI, HDFC Bank and Axis Bank will be applicable to transactions done in Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.

SBI, which had reported a loss of nearly Rs. 400 crore by way of paying other banks as interbank ATM usage in FY14, was first to cap free ATM transactions at three and impose fees of Rs 20 per subsequent transaction. Since November 1, the new norms are effective at India's largest lender, SBI.

However, the bank has allowed more free ATM transactions to those who avoid visiting its branches, and unlimited transactions for those with large balances.

The second and the third largest private sector players - HDFC Bank and Axis Bank, respectively - have also followed suit and said effective December 1, they will also be charging Rs 20 per transaction above five a month.

While HDFC Bank will charge Rs 20 for cash withdrawals and Rs. 8.5 (excluding taxes) for balance enquiry, mini statement, etc., Axis Bank will also charge Rs 20 and taxes for financial transactions and Rs 9.5 for non-financial ones.

At third-party ATMs, HDFC Bank and Axis Bank will charge for more than three transactions, down from the earlier five free transactions, the banks said in separate customer notifications.

Axis Bank, which with a little over 12,000 ATMs, however, is offering 10 free transactions for its Prime Plus savings account and Prime salary account holders.

But both these account holders need to have a minimum opening balance of Rs. 1 lakh and they can have first five free transactions at non-home bank ATMs.

SBI has been from November 1 charging for more than own-ATM withdrawals a month at accounts having less than Rs. 25,000 in monthly balance. For accounts with over Rs 25,000 and above in balance, however, there is no limit at its own ATM network. But, their access to third-party ATMs is capped at three a month.

Those who exceed the limit will pay Rs 5 per transaction at its ATMs and Rs 20 at machines belonging to other banks. The bank is charging Rs. 8 for each non-financial transaction above the cap.

The lender has also raised the number of free usage on its home network from five to nine, if a customer does not visit a branch during the month.

For those who maintain average balances of over Rs 1 lakh, SBI is providing unlimited access to all ATMs. However, those with less than Rs 25,000 balances are charged above five transactions on its ATMs and three at third-party machines.

As per latest data from the RBI, at the end of June quarter there were 1,66,894 ATMs in the country and with 44,929 machines, SBI is way ahead of its nearest rival Axis Bank by more than three times or over 27 per cent of the market.

SBI has 12.59 crore cardholders and accounts for 31 per cent of the 40.9 crore debit cards in the country and its cardholders are responsible for over 41 per cent of all ATM transactions.

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Agencies
January 16,2020

Claiming that e-commerce giants like Amazon import as much as 80 per cent of the items sold on their platforms, small manufacturers' body has said that their business models do not benefit local industry and are creating jobs of delivery boys only.

"Neither manufacturers nor traders are getting any benefit from the business models of Amazon and Flipkart because they largely import their products from China and Korea and sell here. Nearly 80 per cent of their products are imported," said Anil Bhardwaj, Secretary General, Federation of Indian Micro and Small & Medium Enterprises (FISME).

Bhardwaj said that the global e-commerce players generally source and sell products through their own preferred suppliers and as a result a large number of local manufacturers and traders get crowded out.

He listed out deep discounting and buying products from preferred companies as unfair practices.

"Even if they buy products from local suppliers the commission charged is very high," Bhardwaj said adding that the issues related to unfair practices have been raised with Commerce Ministry on multiple occasions.

FISME maintains that the technology-driven retail is way forward and one cannot be oblivious of the benefits it brings to consumers but at the same time the local industry can also not be ignored given its role in job creation.

"If both traders and local manufacturers are crowded out then how would the local industry survive and employment be generated?" asked Bhardwaj.

As Amazon Founder and CEO Jeff Bezos is currently on his three-day visit to India, the local traders are up in arms against the "unfair" trade practices of the tech giant. Delhi-based Confederation of All India Traders (CAIT) has launched a countrywide protest against the company and has organised protests across 300 cities.

In a setback to Amazon and Walmart-backed Flipkart, the fair market watchdog Competition Commission of India (CCI) has ordered probe into the business operations of both the companies on multiple counts including deep-discounts and exclusive tie-up with preferred sellers.

"For the first time some concrete step has been taken against Amazon and Flipkart who are continuously violating the FDI policy in indulging in a vicious racket of controlling and monopolising not only the e-commerce but even the retail trade as well," CAIT National Secretary General Praveen Khandelwal said after the CCI order.

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News Network
May 30,2020

May 30: Patients undergoing surgery after contracting the novel coronavirus are at an increased risk of postoperative death, according to a new study published in The Lancet journal which may lead to better treatment guidelines for COVID-19.

In the study, the scientists, including those from the University of Birmingham in the UK, examined data from 1,128 patients from 235 hospitals from a total of 24 countries.

Among COVID-19 patients who underwent surgery, they said the death rates approach those of the sickest patients admitted to intensive care after contracting the virus.

The scientists noted that SARS-CoV-2 infected patients who undergo surgery, experience substantially worse postoperative outcomes than would be expected for similar patients who do not have the infection.

According to the study, the 30-day mortality among these patients was nearly 24 per cent.

The researchers noted that mortality was disproportionately high across all subgroups, including those who underwent elective surgery (18.9 per cent), and emergency surgery (25.6 per cent).

Those who underwent minor surgery, such as appendicectomy or hernia repair (16.3 per cent), and major surgery such as hip surgery or for colon cancer also had higher mortality rates (26.9 per cent), the study said.

According to the study, the mortality rates were higher in men versus women, and in patients aged 70 years or over versus those aged under 70 years.

The scientists said in addition to age and sex, risk factors for postoperative death also included having severe pre-existing medical problems, undergoing cancer surgery, undergoing major procedures, and undergoing emergency surgery.

"We would normally expect mortality for patients having minor or elective surgery to be under 1 per cent, but our study suggests that in SARS-CoV-2 patients these mortality rates are much higher in both minor surgery (16.3%) and elective surgery (18.9%)," said study co-author Aneel Bhangu from the University of Birmingham.

Bhangu said these mortality rates are greater than those reported for even the highest-risk patients before the pandemic.

Citing an example from the 2019 UK National Emergency Laparotomy Audit report, he said the 30-day mortality was 16.9 per cent in the highest-risk patients.

Based on an earlier study across 58 countries, Bhangu said the 30-day mortality was 14.9 per cent in patients undergoing high-risk emergency surgery.

"We recommend that thresholds for surgery during the SARS-CoV-2 pandemic should be raised compared to normal practice," he said.

"For example, men aged 70 years and over undergoing emergency surgery are at particularly high risk of mortality, so these patients may benefit from their procedures being postponed," Bhangu added.

The study also noted that patients undergoing surgery are a vulnerable group at risk of SARS-CoV-2 exposure in hospital.

It noted that the patients may also be particularly susceptible to subsequent pulmonary complications, due to inflammatory and immunosuppressive responses to surgery and mechanical ventilation.

The scientists found that overall in the 30 days following surgery 51 per cent of patients developed a pneumonia, acute respiratory distress syndrome, or required unexpected ventilation.

Nearly 82 per cent of the patients who died had experienced pulmonary complications, the researchers said.

"Worldwide an estimated 28.4 million elective operations were cancelled due to disruption caused by COVID-19," said co-author Dmitri Nepogodiev from the University of Birmingham.

"Our data suggests that it was the right decision to postpone operations at a time when patients were at risk of being infected with SARS-CoV-2 in hospital," Nepogodiev said.

According to the researchers, there's now an urgent need for investment by governments and health providers in to measures which ensure that as surgery restarts patient safety is prioritised.

They said this includes the provision of adequate personal protective equipment (PPE), establishment of pathways for rapid preoperative SARS-CoV-2 testing, and consideration of the role of dedicated 'cold' surgical centres.

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Agencies
May 14,2020

Social media platform WhatsApp assured the Supreme Court on Wednesday that it will not roll out its payment services without complying with all payment regulations and norms in the country.

A bench headed by Chief Justice S.A. Bobde and comprising Justices Indu Malhotra and Hrishikesh Roy took up the matter through video conferencing. Senior advocate Kapil Sibal, representing the social media platform, said "WhatsApp Inc makes a statement on behalf of his client that they will not go ahead with the payments' scheme without complying with all the regulations in force."

The statement was made during the hearing of a petition seeking a ban on payment through WhatsApp, as it does not conform to the data localization norms. The top court took the assurance made by WhatsApp on record.

WhatsApp made the statement during the hearing of a plea seeking a ban on its payment service, for not being in line with data localization norms.

In 2018, WhatsApp was granted a beta licence to launch its payment service, but a dedicated and separate app is yet to be launched. A petition was moved in the apex court that WhatsApp's existing model for its payments service should be declared inconsistent with the Unified Payment Interface (UPI) Scheme, as a separate dedicated app has not been offered by the company.

The petitioner NGO, Good Governance Chambers, argued that the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) must change its model on the lines of the UPI payment scheme, and its operations may be suspended until these conditions are met.

The apex court today asked the Centre, Facebook and WhatsApp to file their replies within three weeks and it will take up the matter thereafter. The court noted that the government may process the applications filed by WhatsApp in accordance with the law and there is no stay on the same. Facebook was represented by senior advocate Arvind Datar.

The petitioner argued that lapses have been found in relation to WhatsApp's claims of having a secure and safe technological interface for securing sensitive user data.

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