Number of debit card related queries increased in 2018 but only in metro cities.
Your ATM or debit card is perhaps the most important and most used document that you carry in your wallet. From withdrawing cash to paying at retail outlets or even online shopping, it has completely changed the way we transact. However, using a debit card comes with its share of perils too.
All of us have faced instances where transactions have been declined or cash has not been disbursed but the amount has been debited or the automated teller machine failing to read the card. Fortunately, such matters can be resolved if one follows a few simple steps and lodges a complaint in case money has been deducted wrongly.
That said, RBI in its December 2018 report (trends and progress of banking in India) highlighted that the number of queries related to debit cards to Banking Ombudsman increased to 24,672 for June-July 2018 as compared to 16,434 over the same period in 2017. However, it also stated that most of the complaints came from urban areas owing to increasing awareness among customers. The report further stated that the efficacy of internal grievance redressal mechanism in banks has not been up to the desired level.
In case an ATM does not read your card, you must contact the bank with transaction details. Usually, they provide a solution within two working days. “This might happen due to link fluctuations with the machine and the customer needs to retry or recheck with an alternative terminal. If the magnetic strip on the card or the chip reader is damaged, the customer can call the helpline number or approach the nearest branch to solve the matter,” said Sudipta Roy, Head, Unsecured Assets and Cards, ICICI Bank.
This story is from the March 2019 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2019 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
7 Steps To Refresh Your Finances In The New FY
Setting goals and then making your money work to achieve them can be a gamechanger for your financial life
Turn Of The Tide: Should You Invest In Debt Funds Now?
The past few years have been challenging for debt fund investors, but the case for adding them in your portfolio is now more compelling than ever
Who Should Choose An Index Fund?
Index funds’ returns are similar to their underlying index, so if cost and protection are high on your list and market-beating performance is secondary, they could be an ideal choice.
What Is Depreciation?
Depreciation indicates a reduction in the value of an asset over time. Typically, it occurs due to wear and tear of the asset over time as a result of continued use to calculate the depreciation of an asset, one needs to consider several factors, one of which is the useful life of the asset.
REGULATORY ROUNDUP
Change: The Securities and Exchange Board of India (Sebi) directs asset management companies (AMCs) to conduct stress tests on small and mid-cap funds and disclose key findings on liquidity and other aspects.
Plan Repayment Before Taking Loan
I have a home loan running but need a loan of around `10 lakh for renovating the house.
Fund Life Goals Before Business
I am in my late 20s and want to invest in the real estate sector.
SECRET ROAD TO FINANCIAL DIGNITY
Dignity is something most retirees want once their active work life comes to an end and it is closely tied to the individual’s financial well-being
'Combined Life, Health Plans Won't Increase Complexity'
The life insurance market in India has recorded a consistent premium growth over the years, but insurance penetration is yet to reach the desired level. Quite in line, HDFC Life Insurance has shown a growth of 5 per cent year-on-year in its total annual premium equivalent in the nine months until December 2023 and has grown on other parameters as well. Its assets under management (AUM) went up 20 per cent, while it recorded a net profit of 16 per cent y-o-y, in the period. Even in terms of penetration, the company’s growth in Tier II and Tier II cities are positive. Vibha Padalkar, managing director and chief executive officer of HDFC Life Insurance shared the secret sauce for the growth in a conversation with Nidhi Sinha, editor, Outlook Money, talked about the challenges the insurance industry faces, and the road ahead in view of recent regulatory proposals. Edited excerpts:
BUCKET YOUR WORRIES AWAY
Once you have accumulated a decent corpus in your working life, the next big task should be to smartly deploy it across different schemes through a bucketing strategy so that your regular expenses are taken care of while your corpus keeps growing. This will ensure that you do not outlive your corpus
