Try GOLD - Free
BHIM App, Caveat Usor ?
The Finapolis
|May 2017
Is the newest kid on the payment app block, BHIM, strong enough to secure your money?
The grandiose launch and promises behind the BHIM app — Bharat Interface for Money (BHIM) is an app that lets you make easy and quick payments using Unified Payments Interface (UPI) —are quite unmindful of the bugs that seem to be taking users for a thorough ride.
This trial-and-error approach with people’s money, largely those at the lower stratum of the society, when the country is not fully equipped to move to digital transactions, is exposing the loopholes.
While it may be viewed as a big opportunity for securing the softwares of the banks with greater firewalls, how to plug leakages that are finally turning out to be burdensome for retail customers who are no way concerned with such transactions is the billion-dollar question staring at India now.
If a citizen loses money that did not even exist in her account, and if she is made liable for the “loss to the bank,” whose door should she knock? Even if someone wishes to investigate, the National Payments Corporation of India (NPCI) is not maintaining traceability, by its own admission. Now, what and how can anyone probe, when there are no records available?
The bigger question is what could have been the loss accrued to individual customers that went unreported, yet.
What is NPCI?
This story is from the May 2017 edition of The Finapolis.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,500+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Finapolis
The Finapolis
7 Ways to Prevent Text Neck
Our head is heavier at an angle than it is at a neutral position. That means our increasing usage of smartphones for reading, texting, etc is putting undue pressure on our spine
3 mins
September 2016
The Finapolis
How To Take Your Networking To Next Level
Networking is one of the best ways to use your time
4 mins
September 2016
The Finapolis
5 Fun Ways To Save Money
There are several simple ways to reduce spending and rack up more cash. Sukanta Kundu lists some interesting ones.
4 mins
September 2016
The Finapolis
In Search of Higher Returns Amid Falling Rates
As Bank Deposit Rates Fall, Even Conservative Investors Are Switching Assets. Where Can They Go?
5 mins
December 2016
The Finapolis
National Savings Certificates Help as Interest Rates Fall
National Savings Certificates (NSCs) have been among the most popular tax-saving options for ages. In spite of the advent of market-linked investment products such as equity-linked savings schemes (ELSS), the certificates have retained their charm for certain sections of society. In this column, let us discuss the various facets of this special instrument of investment.
3 mins
December 2016
The Finapolis
What Drives Us to Invest?
I had made the journey from economics to finance. As part of Keynesian economics, we were taught about the three motives to hold money: the transactions motive, the precautionary motive and the speculative motive; all through my teaching career that remained part of my Keynesian economics. But two decades, later when I immersed myself into the world of investment, I had to develop my own tools to understand the new discipline and make my investors understand the working of their own minds. One night as lay turning on my back, poring over the day’s happenings, suddenly I made a strong connection between what I had studied years back and the problem I was grappling with now: the motives.
4 mins
December 2016
The Finapolis
Ask The Finapolis
Col. Sanjeev Govila (retd) of Hum Fauji Investments answers readers’ queries on investments, taxation and personal finance. Do you have a question you want answered? Email your question to feedback@thefinapolis.com
9 mins
June 2017
The Finapolis
Input Tax Credit To Benefit End-customer
Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize
4 mins
June 2017
The Finapolis
Will GST Really Spike Up Your Bills?
As goods and service providers can claim input tax credit, your net tax bill will reduce say experts
4 mins
June 2017
The Finapolis
The Bull Run Is Here To Stay
Karvy Finapolis’ event —“Is this the mother of all bull runs?” — evoked a thunderous response from investing public recently in Hyderabad.
4 mins
June 2017
Translate
Change font size