DeMonetisation did not promote the uptake of digital transactions Driving India towards a less-cash, digital payments economy was one of the aims claimed by the Prime Minister when he invalidated 86% of India’s circulating currency. The reasoning was that India was a largely cash-based economy; if circulating cash was reduced, people would rapidly move towards …
Over the last few days, I’ve had many discussions with various people about going cashless. So far, I haven’t met anyone who applied for internet access if they didn’t already have or installed a payment app if they didn’t already have, contrary to reports in media (which may possibly be largely limited to the metros). …
The government began with focusing on fake currencies and black money as the reason for demonetisation. As deposits started rapidly piling in banks and it looked increasingly unlikely that there was a lot of black or fake money being caught, the goalposts started shifting. Soon it became evident that the supply of legal notes was …
The cashless India jumla as an answer to #demonetisation mess Read More »
Two nights ago, Modi suddenly appeared on TV and told people that the currency notes for Rs. 500 and Rs. 1000 would not be legal tender after midnight and anyone accepting them did so at their own risk. Then followed information on how how people could deposit them into banks or exchange them for legal …
27th October, 2016, Navi Mumbai: Here is a real-life thriller. Justdial starts plundering the bank account of an HDFC Bank customer, while the bank acts like an helpless bystander. After the dust settles, the bank tells its customer to go to the police, while it does absolutely nothing to prevent Justdial from robbing other customers. In …
October, 2016: Imagine you are having a gynaec examination. With his rubber-gloved fingers inside you, the gynaec starts a casual chat about why you should buy his home-grown brand of condoms and intimate products. Creepy? Yeah, well, but that’s how HDFC Bank and other private-sector banks work. Actually, HDFC Bank is like if your gynaec …
HDFC Bank: Abuse of Customer Trust & Fiduciary Relationship Read More »
In a country where the penetration of mobile phones is better than toilets and job creation is pathetic, right along with the employability of products of a crippled education system and a government perpetually short on funds for crucial development, one would imagine that encouraging people to do business so that it goes through banks …
Why is the government sabotaging national productivity? Read More »
Yash K S is a software developer. In the last year or so, his interest in identification methods led to him discovering a vulnerability in online banking that can allow a malicious attacker to use attacks like Man in the Middle or Man in the Browser to steal money from bank accounts. He published his …
The broken online banking and what they don’t tell you Read More »
Quite irritated with this new Paypal thing. Had to make a payment online. Had the balance in my account. Had to use my credit card instead and unnecessarily incur a transaction charge AND currency conversion comissions for both this payment, and eventually for the dollars in my account when I withdraw them. I think it …