Latest news with #Applications
Time of India
02-08-2025
- Business
- Time of India
Consumers win cases, but justice delayed
Hyderabad: For many consumers in Hyderabad, winning a case at a consumer commission no longer guarantees justice. Despite securing favourable verdicts, many are left waiting years to receive compensation. Increasingly, they're being forced to file Execution Applications (EAs), a step that was meant to be rare but has now become routine just to get the commission's orders enforced. Even then, the wait continues. Consumers complain of bureaucratic delays, indifferent companies, and a system with few teeth to ensure compliance. As a result, many end up spending more time and money trying to enforce the verdict than they did pursuing the case. Shreyansh K, a resident of LB Nagar who filed an EA many years ago, said, "I filed my complaint in 2014, and in 2019, the commission awarded me Rs 2 lakh. But even after filing multiple EAs, I haven't received a single rupee till now." You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad A senior official from one of the city's consumer commissions admitted that EA filings have surged in recent years. "Getting a favourable judgment is tough. Getting it implemented is even tougher. Each of the four commissions in Hyderabad has over 250 to 300 pending execution applications," the official said. Many advocates attribute the crisis to poor enforcement mechanisms. "Consumer commissions can pass binding orders, but can't ensure compliance. Many firms delay payments or appeal to higher forums just to stall execution," said TV Rajeshwar Rao, president of the Hyderabad District Consumer Fora Advocates Association. "Without the help of enforcement agencies like the police, warrants and compensation orders are often ignored. And when the opposite party disappears, there's little that can be done," he added. As the backlog grows, consumer trust in the system is beginning to erode. What was supposed to be a quick and effective dispute redressal forum is increasingly seen as another stop in a long, uncertain legal journey. What's an Execution Application? When the party at fault does not comply with a consumer commission's order within 30-45 days, the complainant can file an Execution Application under Section 27A of Consumer Protection Act. It seeks enforcement through legal means. The EA remains pending until proof of compliance is submitted by the opposite party. A LONG WAIT FOR SOME… Bank ignores order in FD case Mohammed Zareena, a resident of Madhapur, approached the district consumer commission-III after her bank deducted money from a five-year fixed deposit to settle her husband's credit card dues. Last year, the commission ruled in her favour and ordered the bank to refund Rs 1.7 lakh and pay Rs 50,000 as compensation. The bank ignored the ruling. Zareena filed an EA, but it's still pending, with no recovery in sight. Dealer leaves buyer in limbo Mandala Laxminarayana, a resident of Secunderabad, bought a second-hand car for Rs 5.7 lakh in 2020, only to find later that it had an unpaid loan of Rs 4.1 lakh and the ownership wasn't transferred. The district consumer redressal commission-II ruled in his favour, ordering a refund with interest and Rs 1 lakh compensation. He filed an EA in 2021, but over three years later, the matter is still unresolved. He's left with a car he can't sell or use legally. Buyer waits 5 yrs for compliance In 2019, Vardharaju R, a resident of Saidabad, received the wrong sofa, a smaller blue version instead of the white XL he ordered. The district consumer redressal commission-II ruled in his favour and ordered the seller to replace it and pay Rs 50,000 in compensation. When the firm didn't comply, he filed an EA in 2020. Five years on, the sofa hasn't been replaced and the compensation hasn't arrived.
Yahoo
24-07-2025
- Business
- Yahoo
Bank trade groups push back on crypto firms' bank charter pursuit
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. In a major pushback against the cryptocurrency industry's banking ambitions, the American Bankers Association and four other bank trade groups have urged the Office of the Comptroller of the Currency to postpone decisions on several national trust bank charter applications. The joint letter sent July 17 comes in response to a slew of applications filed since April 2025 by crypto firms, including Fidelity Digital Assets, Ripple, Circle, and National Digital TR CO – all seeking specialized banking charters that would grant them federal recognition and more simplified regulatory oversight. The ABA, America's Credit Unions, Consumer Bankers Association, Independent Community Bankers of America and National Bankers Association argued that the public portions of the applications lack sufficient information for meaningful public scrutiny and that more transparency is needed about the applicants' business plans. 'Given these substantial concerns, and the policy, legal, and commercial implications that chartering the Applicants would have for the banking system, the Associations urge the OCC to postpone consideration of the Applications,' the trade groups wrote. 'The delay should continue until such time as the OCC has released enough information concerning the Applicants' intended business plans, as well as other aspects of the Applications, to inform the public's review and interested stakeholder comment, consistent with the historical transparency of the OCC's charter application review process.' The groups pointed out that a delay would buy more time for the public to 'meaningfully assess the Applications and the novel issues they present' and offer their input on the broader policy shift that granting these national trust bank charters would present, since they will not be involved in fiduciary activities. The trade groups' letter has surprised bank charter experts, who don't necessarily expect more information to be made public. Patrick Hanchey, a partner at law firm Alston & Bird, said a standard regulatory process includes both public and confidential portions of applications. Confidential parts are protected from Freedom of Information Act requests and public disclosure to safeguard proprietary business information. The OCC's established policy does not involve publishing detailed application information for public review, although the agency thoroughly evaluates all application details internally with multiple follow-up questions over weeks or months — a standard process for traditional de novo bank charter applications, he said. 'Even if the OCC delays or refrains from acting in an expedited fashion on these applications, I would not expect there to be detailed information released to the public, for the public to react to,' Hanchey noted. At times, the OCC holds public hearings, typically focusing on community development impact, Community Reinvestment Act considerations and competitive factors, but not on applicants' specific business plans or strategies, he added. 'There's nothing nefarious here; this is very common practice,' said Michele Alt, a partner at consulting firm Klaros Group, echoing Hanchey's views on the two-part application process. A national trust bank charter differs from a traditional bank charter in that it has a more limited scope of authorization for financial activities. Its primary custody or fiduciary activities on behalf of customers are similar to a trust company, Hanchey said. A trust company manages assets and administers trusts on behalf of individuals or organizations; it cannot lend or take insured deposits since it is not an insured depository institution. Capital requirements for trust banks also differ from those of traditional banks – traditional banks' capital requirements are based on asset size as a risk proxy, whereas trust banks hold assets in trust and not on their balance sheets, according to Alt. The regulatory differences raise questions about consumer protection and liability if a trust bank fails, as it is not typically insured by the Federal Deposit Insurance Corporation. However, the OCC has specific procedures for resolving uninsured banks, she pointed out. The resolution framework dates back to 2016 — almost during the same time as early fintech charter considerations, Alt noted. The process involves the OCC appointing an independent receiver, rather than acting as the receiver itself. The claims prioritization system is similar to that of bankruptcy proceedings, where the receiver's costs are typically covered first, followed by creditors and other claimants. The primary risk concerns for trust banks, according to Alt, involve focusing on safeguarding assets rather than loan defaults or deposit runs, safeguarding against potential hacking vulnerabilities and specific risks related to crypto assets, when applicable. The national trust bank charter applications were filed before the Guiding and Establishing National Innovation for US Stablecoins Act, which aims to create a framework for stablecoin regulation, was signed into law Friday. Hanchey noted that the applications were submitted strategically, anticipating but not certain of the GENIUS Act's outcome. The federal charter would provide regulatory legitimacy in the marketplace, the ability to conduct activities in a regulated, safe and sound manner, and the flexibility to operate under federal oversight, he said. The ABA's request for delay highlights the need to understand 'exactly how these charters would be used and what they would accomplish,' Hanchey said, since there's not much use-case evidence in this regard. 'I certainly agree with that as well. I think it remains to be seen exactly how these companies would intend to use their charters,' Hanchey said. Recommended Reading Circle applies for national trust charter Sign in to access your portfolio
Time of India
04-07-2025
- Politics
- Time of India
NGT: Better river flow mgmt required to prevent fish kills
Kochi: The (NGT) has stated that preventing future fish kills requires better management of river flow, strict industrial waste regulation and control of any kind of pollution from industrial sources. Tired of too many ads? go ad free now Disposing of a batch of petitions, including three suo motu cases filed by the principal bench and the southern bench on the mass fish kill that occurred downstream of the Periyar River on May 21-22, 2024, it directed the Kerala state pollution control board (KSPCB) to submit all the detailed reports filed before the bench to the Kerala High Court. "Since the High Court of Kerala is already seized of the matter, which addresses the same issues involved in the Original Applications (OA) pending before us, it would be appropriate to leave it to the decision of the HC to pass appropriate orders," the bench said. The PCB, in its report to the NGT, stated that a HC-appointed committee of officials, comprising (i) the secretary, Directorate of Environment and Climate Change, (ii) the regional director, Central Pollution Control Board, Bangalore, and (iii) the chairman, PCB, along with the amicus curiae, visited all the affected places and the petitioners and submitted a report. The committee's report before the NGT recommended curbing the Periyar pollution in two folds. One set of recommendations was directed to the departments concerned, namely the industries department, irrigation department and PCB. Remediation of Kuzhikandam Thodu has to be initiated as per the detailed project report (DPR) prepared and recommended for administrative sanction, the bench said. The NGT noted that the Kerala University of Fisheries and Ocean Studies (Kufos), which is a party respondent in all the above petitions, constituted an expert committee to prepare a report on the fish kill incident in the Periyar River and downstream of Pathalam regulator bridge. Tired of too many ads? go ad free now The expert committee also provided a report with recommendations, including an AI-assisted system for displaying and alerting stakeholders downstream before opening the shutters. These are also to be submitted before the HC along with all the other reports filed in the case. The tribunal stated that since the HC is already seized of the matter and further orders are awaited, based on the recommendations given by the committee to the industries situated in the Eloor–Edayar Industrial area and the various departments, the bench was disposing of the petitions.
The Hindu
02-07-2025
- Business
- The Hindu
MITE hosts State Hub round of SAP Hackfest 2025
The Department of Master of Computer Applications at Mangalore Institute of Technology and Engineering (MITE), Moodbidri, in association with SAP and execution partner NextGrids, conducted the 'State Hub' round of 'SAP Hackfest 2025' on June 28. The national-level hackathon brought together young minds to pitch their innovative ideas, aligned with real-world business challenges, under the themes of Sustainable Business, Preventing Digital Fraud, and Ethics in AI Models for Business. A total of 50 teams from different colleges participated. Inaugurating the event, N.S. Pavan Thanai, founder of Last Link, an event production and management services provider, appreciated the participants for their participation in the Hackfest. He commended the students for the pitch of ideas in the innovative domains of Ethical Sustainable Business, Preventing Digital Fraud and Ethics in AI Models for Business. Mr. Thanai emphasised that hackathons offer real exposure to industry expectations, and students get an opportunity for industry mentorship. Presiding over the inaugural event, MITE principal C.M. Prashanth congratulated the teams selected for the State Hub round and appreciated the thoughtful themes set by SAP. He highlighted the institution's emphasis on learning beyond the classroom, industry collaboration, and the establishment of the Global Innovation Centre at MITE. He urged students to treat the hackathon as a reality check, to refine their skills and to transform their ideas into impactful products.
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Business Standard
12-06-2025
- Business
- Business Standard
EY, Deloitte step up tech, business consulting hiring: Amrop study
A study into two of the leadership and hiring trends at the largest Big Four advisory firms has shown technology, business consulting and tax among the top growth practices for EY India and Deloitte India. 'There is a huge consistency in this report in terms of focus areas for the Big Four firms. It is also indicative of where the good opportunity lies for those who want to move to Big Four firms,' said Prashant Yadav, Partner, Digital & Technology, Amrop India. The study, conducted by Amrop, a leadership search and executive advisory services company, said: 'The Big 4 consulting firms have been growing Advisory practices – business consulting, technology consulting, deals and risk – at over 2x of historical growth rates. Tax practices have also grown significantly.' The Amrop report shows that hiring and promotions for technology consulting saw the highest growth of 40 per cent at Deloitte, while business consulting was the highest growing vertical with 24 per cent growth at EY India between February 2023 and January 2025. The study found that Deloitte has invested aggressively in acquiring deals and capabilities and continues to invest more selectively. 'Deloitte has had higher attrition, largely involuntary, since Jan '25. The attrition numbers in 2025 are expected to be much higher than in previous years,' the Amrop report said. It reported annual attrition below 1 per cent for both firms. While gender diversity for new hires was in the lower range for both EY – 3 per cent – and Deloitte – 8 per cent – in terms of promotion it was higher at 20 and 23 per cent respectively, according to the study. At EY, the technology sector across services and products accounted for 29 per cent of overall hiring, with other Big Four firms the second largest source for talent. For Deloitte, almost half of the hiring – 47 per cent – has been from the Big Four, followed by technology sectors – 34 per cent – while rapidly scaling practices. Within technology practice constituents, both firms have seen higher growth in Oracle compared to Microsoft. For Deloitte, Oracle growth has been thrice that of Microsoft. The highest growing area within tech for both Deloitte and EY has been SAP – Systems, Applications & Products in Data Processing. Digital transformation and data & analytics are the other tech constituents seeing high growth in terms of hiring and promotion. In terms of location, Mumbai and Bengaluru have seen the highest growth for Deloitte, while Mumbai and NCR are on top of the location heatmap for EY. Deloitte and EY together have over 2,000 partners and drive over 60 per cent of Big Four revenues, according to the report. The study states that EY is the market leader with the maximum number of partners and revenue of over ₹13,000 crore. Deloitte, Amrop said, was the second-largest firm by number of partners, with revenue of over ₹9,000 crore, and has been investing heavily in people at leadership levels.
