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FDA aims to give full approval to Pfizer covid vaccine on Monday

  
  Analysis
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Full approval could aid with vaccine hesitancy

Full approval could aid with vaccine hesitancy
A common refrain for US anti-vaxxers is that they want full FDA approval before getting the vaccine. Whether that’s a real reason or flimsy excuse will be put to the test in the near future as the New York Times reports the agency is planning to give full approval on Monday.
More importantly, full approval will give cover to many public and private employers and organizations for vaccine mandates. If approved next week, it will be interesting to see if there’s a tipping point as schools and companies tell workers to get the vaccine or get a new job.

About 84,545 bank fraud cases reported during 2019-20: RBI in RTI reply

  
  Analysis
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Around 84,545 fraud cases – involving about Rs 1.85 lakh crore – were reported by scheduled commercial banks and select FIs during 2019-20, an RTI activist said, citing information received from the Reserve Bank of India.

RTI (Right to Information) activist Abhay Kolarkar said that he had sought various banking related queries under the jurisdiction of the RBI in June 2020, and the replies to the same he received a few days back.

Kolarkar in his RTI query sought to know how many fraud cases have taken place during April 1, 2019 to March 31, 2020 and the amount involved in it.

The RBI stated that the total number of frauds reported by Scheduled commercial banks and select FIs during Financial Year 2019-20 is 84,545 and the amount involved therein is Rs 1,85,772.42 crore.

To the query about how many bank employees are involved in fraud cases and how much amount is involved, the RBI replied that the information on the question is not available.

“However, it may be noted that total number of frauds reported to have been committed by staff, as reported by Scheduled commercial banks and Select FIs during FY 2019-20 is 2,668 and amount involved therein is Rs 1,783.22 cr,” the central bank said.

The RTI also sought to know how many consumer complaints received by the RBI’s 15 ombudsmen offices during April 1, 2019 to March 31, 2020.

During July 1, 2019 to March 2020, about 2,14,480 complaints were received.

The highest number of complaints received by SBI- 63,259, HDFC bank- 18,764, ICICI bank- 14,582, Punjab National Bank- 12,469, Axis bank -12,214 followed by other banks.

The central bank in its reply said about 56,493 complaints received between April 1, 2019 to June 30, 2019.

The RTI query also sought information on number of branches exited by banks and those closed after merger during April 1, 2019 to March 31, 2020.

To which, the RBI provided information about the ‘number of merged branches with another branch of same bank’ during 2019-2020, which stood at 438 branches — SBI – 130, Central Bank of India – 62, Allahabad Bank – 59 and other banks.

The total number of branches closed in 2019-20 are 194, including 78 branches of SBI and 25 of Fino payments Bank limited.

The Richest Man in Babylon Rules

  
Analysis, Education
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the richest man in babylonThe Richest Man in Babylon is a great little personal finance book set as an ancient fictional tale that explains the ‘The Seven Cures to a Lean Purse’ and ‘The Five Rules of Gold’.

The Seven Cures to a Lean Purse:

  1. Start thy purse to fattening. Pay yourself first. Save money before you pay any bills.
  2. Control thy expenditures. Don’t spend every penny you make or you will be broke no matter how high your income becomes.
  3. Make thy gold multiply. Invest capital in assets that go up in value.
  4. Guard thy treasures from loss. Your number one priority is to keep your investment capital safe from loss.
  5. Make of thy dwelling a profitable investment. Buy a home in the right location as a hedge against inflation and to create equity and ownership over the long term.
  6. Insure a future income. Convert your earned income into assets that can create future case flow.
  7. Increase thy ability to earn. Grow your earning power through education, building skills, gaining experience in a field, or promotions to higher levels of responsibility.

The Five Laws of Gold:

  1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family. Save 10% of your income each time you are paid and convert it to investment capital.
  2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field. Invest your capital for growth and compounding.
  3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling. Find a successful model or system to copy for investing your money.
  4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep. Never put money in something you don’t fully understand.
  5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment. This fastest way to go broke is to try to get rich quick.
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