A couple of my recent Banking Transactions inspired me to write this post. Despite the efforts from RBI, the fraudulent transactions are on the rise. The fraudsters take advantage of a loophole in Banking process to exploit the same. For ease of understanding in this post, i will refer all the transactions i.e. Credit Card, Debit Card or Net Banking as Banking Transactions. Most of the frauds are carried out from outside India so that the fraudster remain out of the clutches of India Law. Big frauds hog limelight in newspaper reports but the majority of frauds are of small value. Some time ... Read More
What is IMPS – Immediate Payment Service?
In my opinion, IMPS is path breaking technology for Money Transfer. In last 10 years, the overall experience of money transfer has changed drastically. I remember standing in long queue for an hour or so to transfer money. To be very honest with you, i started this post as a Social Media Money Transfer but mid-way i changed the topic to IMPS (Immediate Payment Service). To understand social media money transfer, it is critical to understand IMPS (Immediate Payment Service) first. I tried to squeeze both IMPS and Social Media Money Transfer in the single post, but i was not able to do justice ... Read More