FLAME Newsletter - November 13, 2013
YOUR FINANCE DEMYSTIFIED:
Know the basics of Consumer Protection Act
Besides basic necessities, we need a variety of things in our daily lives such as cell phones, digital cameras, soaps, perfumes, cosmetics and many more things. Thus, all of us are consumers in the literal sense of the term. When we buy things from the market as a consumer, we expect value for money, i.e., right quality, right quantity, right price, information about the mode of use, etc. But there may be instances where a consumer is cheated.
In such a case, most of us don’t know to whom we should approach to seek redressal against our complaints. Many of us also don't know our “rights” as a consumer and often hesitate to complaint or even stand up to unfair practices. We also don't have recourse to costly litigation to seek justice and we continue to bear such injustice... Read more
How to file a complaint against an insurance company
Most of us have experiences of insurers, who have not provided us good services at some point of time. For instance, the insurance company’s staff was rude to us, didn’t explain things in a right manner or refused a claim. Insurance companies are like any other business and therefore you can file a complaint against them if you are not satisfied with their services.
Filing a complaint also helps you, to make sure that next time you won’t have any bad experience with them. However, filing a complaint against an insurance company is “not” a quick process... Read more
Banking Ombudsman: Redressal for customer complaints against banks
Most of us have experiences of bank executives, who have not provided us good services at some point of time. We face issues like activating our dormant account, issue of cheque book, adding nominee name, refunding overdraft charges, delay in remittance from abroad, closing bank account, etc. At times, we do not get a proper resolution from the bank. In such case need to know to whom can we file a complaint to resolve our issue.
Banks are like any other business and therefore you can file a complaint against them—if you are not satisfied with their services. Filing a complaint also helps you, to make sure that next time you won’t have any bad experience with them. However, for a filing a complaint against a bank you first need to know the right process... Read more
DID YOU KNOW?
The basic legal structures for business organizations
A business entity is a commercial institution formed to engage in business activities, usually the sale of a product or a service. There are many types of business organisations defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability company and other specifically labelled types of entities... Read more
TERM OF THE WEEK
Piercing the corporate veil: Also called lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil.
IN THE NEWS THIS WEEK
RBI releases financial literacy material in regional languages
RBI alerts people against fake e-mails
MF AUM post highest percentage growth since Apr 2013: CRISIL
FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.
In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.
Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.
This portal is but one of the various IIFL initiatives that would be part of FLAME.