Private Locker Service is gaining traction in metro and small cities. Though it is not a new concept. I belong to a small city near Delhi. I remember, in the year 1996, there were a Private Locker Service in my hometown. The reason behind mushrooming of Private Locker Service is because banks are not able to cater to growing demand. In my post, how to get a safe deposit locker from a bank i shared how difficult it is to get a bank locker. Recently, i was in Mumbai for an assignment and catch up with an old friend. He was telling me that he has hired a Private Locker Service of a one of the ... Read More
Unbreakable Bank Fixed Deposit
Unbreakable Bank Fixed Deposit as the name suggests cannot be withdrawn prematurely. In other words, people cannot break their bank fixed deposit before the end of maturity period. Reserve Bank of India has allowed the banks to offer Unbreakable Bank Fixed Deposit at higher interest rate. It will provide an option to earn higher interest to people who don't need funds for certain period. Unbreakable Bank Fixed Deposit is not a new concept. It is being borrowed from more mature markets. In India, Fixed Deposit means fixed interest rate but actually it is term deposit i.e. deposit for fixed term ... Read More
Affordable Housing – A Myth or Reality
Affordable Housing is new buzz word in Real Estate market. Currently Real Estate sector is going through difficult times as the economy is still in bad shape and interest rates are high. Job loss is still a reality and it will take atleast 2-3 years to bring the economy back on track. Real Estate inventory has piled upto alarming levels in major cities. Currently banks lend at 14%-16% to builders which further increase the cost of property. In order to boost demand recently RBI revised the definition of Affordable Housing to benefit borrowers. Affordable housing is clubbed with infrastructure ... Read More
11 Tips to Avoid Credit Card Fraud
Credit Card Fraud is a harsh reality of digital age. Though in India, Reserve Bank of India (RBI) has done a commendable job to avoid credit card fraud. Some of the path breaking steps taken by RBI are 1. Two level authentication for online transactions. 1st level when you enter Credit Card details & CVV. 2nd level authentication is implementation of 3D Secure Code (Verified by VISA and Mastercard SecureCode) 2. Issuance of EMV Chip & PIN enabled Credit Cards 3. Option to select / set limit for International usage 4. Data Security standards for POS Terminals 5. SMS Alert to ... Read More
Withdrawal of Pre-2005 Notes : Master Stroke by RBI
Recently RBI said that all the Pre-2005 Notes will be withdrawn from circulation. Though RBI said that the objective of this exercise is to crackdown on counterfeit notes in circulation. RBI will replace Pre-2005 notes with New Currency Notes (With Enhanced Security Features). In my opinion, Crackdown on counterfeit currency in only one of the reason for this move. There is larger motive behind this Master Stroke. Lets understand how In India, till date no study is being done to find out the average life of Paper Currency Note. In response to RTI queries regarding average life of Paper ... Read More