COMMENDABLE WORK BY MONEYLIFE
Anomaly in Online Booking System of Rail Tickets - Moneylife
This is with regard to “Taking Stock of 2015 Preparing for 2016” by Sucheta Dalal. Moneylife has been doing commendable work in creating awareness among savers and investors not only about their rights and possible precautions they can take while making investment decisions, but also in helping those whose decisions subsequently turn out to be wrong because of inadequate pre-investment study or the institutions in which money was invested. Moneylife has also been encouraging investors to share their good and bad experiences with banks and other financial institutions.
I am not aware of any other organisation engaged in educating savers and confronting institutions, including regulatory bodies, when they do not play their mandated roles or play them inefficiently. It is in this context that one should view the observations on transparency and accountability here. Because of our pre-independence legacy, our civil and criminal statutes, including those applicable to the financial sector, have provisions which insulate the rich and the powerful from punishment, or at least help them in getting the final punishment delayed. A section of the media also plays into the hands of the rich and the powerful by blacking out the names of celebrities and the rich when they are involved in unethical practices. In such situations, the presence of institutions like Moneylife is comforting to the victims.