Page 2 - Customers

CICs to pay Rs 100 per day to customers for credit info updation delay: RBI

Credit information companies (CICs) will have to pay a compensation of Rs 100 per day to customers for delays in updation or rectification of their credit information, the Reserve Bank said on Thursday. Credit institutions (CIs) and credit information companies (CICs) have been given six months to put in place the necessary systems and processes to implement the 'Framework for compensation to customers for delayed updation/rectification of credit information'. In a circular, the Reserve Bank directed CICs and CIs to implement the compensation framework for delayed updation/rectification of credit information. "Complainants shall be entitled to a compensation of Rs 100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a CI/ CIC," it said. The circular further said the complainant can approach the RBI Ombudsman in case of wrongful denial of compensation by

Airtel logs 1.7 mn unique 5G customers in Northeast, covers 110 districts

In October, Bharti Airtel said it has over 50 million unique 5G customers on its network

Air India Express will focus on routes with price-sensitive customers: MD

Air India's low-cost subsidiary Air India Express will focus on routes which have a higher component of price-sensitive customers and leisure travellers, airline's Managing Director Aloke Singh has said. Singh also said that Air India Express is not looking at spreading its capacity all over the country in the beginning and instead will first consolidate its presence on the existing routes. A subsidiary of Air India, Air India Express is in the process of merging low-cost domestic carrier AirAsia India with itself, and last week unveiled its new brand identity. Air India Group, comprising Air India, Air India Express, AIX Connect and Vistara, is owned by the Tatas, which is also in the process of consolidating its airline business. As part of it, Vistara, which is a 51:49 joint venture airline between Tata Sons and Singapore Airlines, is also in the process of merging with AI India. "The focus of Air India Express will be on routes which have a higher component of leisure travelle

Don't try to conquer world as Indian customers: Sabeer Bhatia to bussinemen

Indian entrepreneurs should not try to conquer the whole world because they have cracked a cost-efficiency-based business model for Indian customers which is different from the way the rest of the world thinks, according to Hotmail founder and investor Sabeer Bhatia. Bhatia was in the city for the launch of a free online Artificial Intelligence (AI) and inquiry-based course in entrepreneurship on his short-form app Show Reel, in collaboration with Jamia Millia Islamia. "It all comes down to learning how to walk before you can run. Simply saiddon't try to conquer the whole world because you've conquered India the way people in India think is different from the way the rest of the world thinks," Bhatia told PTI on the sidelines of the collaboration announcement. Bhatia said Indian startups have a cost efficiency economics while US startups are focused on what saves them time. He stood by his former statement that Indian startups are copying western business models. "A lot of the ...

Myntra records about 460 mn customer visits during festive season sale

Fashion and lifestyle e-commerce firm Myntra recorded around 46 crore customer visits during its recently concluded festive season sale Big Fashion Festival, the company said on Thursday. The Indian wear category at large witnessed a 2.2 times increase in demand over business as usual (BAU) days, Myntra said. "Myntra's marquee festive fashion event, the Big Fashion Festival (BFF), concluded its biggest edition by far witnessing about 460 million customer visits," Myntra said in a statement. This was the fourth edition of BFF where sellers at Myntra offered access to over 23 lakh styles while scaling up the selection by over 50 per cent from the previous edition, the statement said. Some of the leading metros driving demand during BFF were Bengaluru, New Delhi, Mumbai and Hyderabad. The platform also witnessed discerning customers with an appreciation for premium and trendy fashion from Tier 2 and 3 regions, fuelling the festive fervour with around 42 per cent of the demand origina

Essar's Black Box expands footprints in India to serve local customers

IT solutions provider Black Box is expanding footprint in India as demand for digital infrastructure and data centre integration space grows, a company official said. Black Box, one of Essar's flagship businesses in technology and retail vertical, recently set up a centre of excellence in Bengaluru to support its global clients. The centre is equipped with advanced research and development laboratories, command centres, a service desk, and delivery operations targeting its client needs. "India holds significant importance as a market for us, serving both Indian conglomerates and global customers. We have a positive outlook on our growth potential in India and will continue to invest here," said Sanjeev Verma, Chief Executive Officer (CEO) of Black Box Corporation. The ongoing digitisation initiative of the government and the strong demand for data centres are areas the firm would evaluate, given its expertise in working with hyper-scale customers, he said. The company is expanding

FM Sitharaman asks financial entities to ensure customers nominate heirs

Union Finance Minister Nirmala Sitharaman on Tuesday asked banks and financial institutions to ensure that their customers nominate heirs, which can help reduce the quantum of unclaimed money. "I want banking system, the financial ecosystem (including) the mutual funds, stock markets... everybody to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that they (customers) nominate their heir, give the name and address," Sitharaman said at the Global Fintech Fest (GFF) here. As per a report, the banking system alone has over Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore. The finance minister also said that it is essential to build a responsible financial ecosystem, and added that one laggard can cause a disruption. Sitharaman also said that tax havens and round tripping of money are a threat to responsible financial ...

Shopsy surpasses 200 million app downloads on its 2nd anniversary

Most of its users are from tier-2 and tier-3; firm says that other than price, tech features such as voice and image search, vernacular interface and AI-driven chatbots have fueled adoption

Zomato working on AI-based features for enhancing customer experience

To build AI-based products, Zomato has also made plans to employ engineers for data science, machine learning, and NLP

Visits to banks, physical presentation of documents can be avoided: Report

The report also suggested that REs may adopt Faceless / Straight Through Processes' (STPs) in order to close accounts, and/or accept, acknowledge, and track the communication by the customer

Tata Capital launches payment facility, UPI 123PAY for feature phone users

UPI 123PAY will be useful, especially for payments of low-value and microfinance customers

LPG Revolution: 170 mn new connections, customer base doubled in 9 yrs

A record 17 crore new LPG connections helped double the cooking gas consumer base to 31.26 crore in the last 9 years, ushering in clean fuel in millions of households across the country, official data showed on Thursday. The active domestic LPG consumers have increased from 14.52 crore in April 2014 to 31.36 crore as of March 2023. This significant increase was primarily due to the Pradhan Mantri Ujjwala Yojana (PMUY), which has led to an increase in LPG coverage from just 62 per cent in 2016 to a whopping 104.1 per cent in 2022. From a period when there was a waiting period to get a new LPG connection, and it would take 7-10 days for delivery of an LPG refill cylinder, cooking gas connections are now available on demand, and refills can be availed partially within 24 hours at most places. Besides the 14.2-kg traditional cylinder, state-owned fuel retailers have introduced 5-kg cylinders for consumers with either lesser demand or lower purchasing power. PMUY was launched on May 01

BoM strengthens ease of banking for customers; launches new products

State-owned Bank of Maharashtra (BoM) on Friday announced launch of several new products and utilities including digitised personal loans and upgraded mobile banking. To make customer journey more efficient and strengthen bank's digitization journey, the bank launched, end-to-end digitised personal loans for customers in several regions viz. Pune region (Pune West, Pune City & Pune East), Bengaluru, Kolkata, Patna and Chandigarh, BoM said in a statement. Existing customers can avail loan up to Rs 20 lakh, in a hassle free manner, through digitised medium, it said. To add to the customer delight bank came up with features for its Visa and Rupaydebit Cards. Visa International Debit Card is new edge contactless card which will work on all tap & pay device, across India and abroad, which can be availed without any joining fees, it said. It can also serve as an electronic purse, where money gets debited instantly from the account whenever the customers pays, it said, adding, the ...

Account-to-account transfers on UPI fully free for customers, vendors: NPCI

Paytm set to gain from interchange fee for merchant payment via wallets on UPI platform

NIC made app to facilitate registration, redressal of consumer grievances

The NIC has developed a mobile software application aiming to facilitate online registration and time-bound redressal of consumer grievances related to the Legal Metrology Act and rules framed thereunder, according to an official statement. The NIC has developed 'Maaptol Grievance' app which is now available on the Google Play store. "This initiative aims to facilitate online registration and time-bound redressal of consumer grievances related to the Legal Metrology Act and rules framed thereunder," the statement said. The resolution of the grievances lodged on the app "shall be attended by Weights and Measures Department, Delhi government in a time-bound manner, within two working days (48 hours)," it said. Any consumer who finds any violation with regard to goods which are being sold or distributed by weight, measure or number or any shortcoming in the mandatory declarations on packaged goods and commodities according to the provisions of the Legal Metrology Act, 2009 and rules m

HCLTech launches service to help companies use metaverse for customers

Platform will serve financial services, telecom, manufacturing healthcare and other sectors

How brands use the 'for women' gimmick to sell products at a premium

While brand experts count on aspirational value, the undue premium on personal care remains discriminatory

Indian firms to generate 49% of revenue from digital infra by 2027: Report

Indian organisations are expected to generate as much as 49 per cent of the revenue from digitally connected products, services, and customer experiences by 2027, a report showed on Wednesday

Flipkart's Shopsy sees six-fold customer growth on its website in 2022

Shopsy crossed over 100 million users in September 2022 ahead of its target timeline of early 2023

Framed for growth: Titan's Titan Eye+ has set sights on booming market

Company has the advantage of Titan's network but it needs to scale up its online presence