Cashless Payments is the new buzzword in India post demonetization. It will be a major shift in the way we transact. In my opinion, it requires tectonic mind shift for the majority of the people. There are few critics of Cashless Payments. They are of the opinion that India is not ready for Cashless Payments. They give their own excuses in favor of CASH payments because of obvious reasons. Though i might be wrong but in my opinion, only the people who have something to hide from IT department are staunch supporters of cash usage. It might be a harsh statement but it is based on my personal ... Read More
5 Reasons Why I Prefer Credit Card Payment over Debit Card
Circa 2004, when i received my first credit card the most worried person was my father. I was fresh out of college in my first job. Moreover, during those days it was very easy to avail credit card. My father believed that it's too early for me to use a credit card. Though back of the mind his key concern was that if i will spend more on credit card beyond repayment capacity then the bill will be on him :) . Though from day 1, i ensured credit card payment or usage within my means to avoid Debt Trap. There was a study done by FMCG company on the shopping behavior of buyers. The same buyer ... Read More
Financial Fraud – Beware of 5 New Tricks from Tricksters
Financial Fraud is now an organized sector. In past, i wrote various posts on how to avoid credit card frauds and safety of banking transactions. Daily the tricksters are finding new ways of financial fraud. The victim is caught unaware. The biggest problem is that victim does not know what to do in case of financial fraud. In a recent case, one of my clients became a victim of financial fraud through net banking. He went to local police station to register FIR. The police official refused to register his complaint/FIR. When the victim insisted, the police registered NC. The police told him to ... Read More
Banking Transactions – Are they really SAFE?
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