Citizens' Issues
Credit Scores: Review your credit report regularly

“If you regularly check your credit history, you could spot mistakes if any, and you can contact your bank, or lender, to correct them,” said Mohan Jayaraman, MD, Experian Credit Information Company of India Pvt Ltd speaking at a seminar on financial literacy held by Moneylife Foundation in Goa. But more important than looking for mistakes, one should look at the number of credit enquiries been made, said Mr Jayaraman. An enquiry shows the names of the credit institutions that have performed a search on you based on your credit/loan application. Multiple enquiries may affect your credit score; therefore, one should avoid applying for a loan to multiple financial institutions.

Another important reason for reviewing your report regularly is to check if there are any enquiries which are not made by you. Such enquires may indicate that someone may have forged your documents and applied for a loan. By reviewing your credit report regularly, you could prevent identity theft. 

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COMMENTS

YCSR

5 years ago

It is definitely good to review your credit regularly. There are a few good credit monitoring programs out there that everyone should sign up for

Personal Finance Exclusive
RBI’s RuPay can knock out payments giants Visa, MasterCard

The press and the media have ignored RuPay, which can bring about a revolution in India. But the ordinary bank customer can help spread the good word

The press and the financial and business channels have strangely consigned a great achievement of the Reserve Bank of India (RBI) to the inside pages and the “also ran” mentions at the end of news bulletins. It is the official launch of India's RuPay payment gateway and card which, except China, no other country, not even the European Union (EU) and Japan, has been able to start successfully.

The press and the media have not fully understood the implications of starting RuPay. Most importantly, it spells the beginning of the end for yet another dependency by India. In this case, it is freedom from the combined services offered by Visa, MasterCard and American Express, as well as the highly secretive payment processing companies like First Data Corp, Total System Services and others.

This short article does not provide the space to fully explain the extremely intricate and often hyper-secretive details of the payment processing industry. Suffice it to say that this is the next logical step to what RBI and its wholly-owned subsidiary, the National Payment Corporation of India (NPCI) has already done to establish control of ATM switches in India.

RuPay has, obviously, not amused the competition and here is why.

The payment processing industry had its roots in an attempt, soon after the Second World War, by governments, especially the US through the Federal Reserve, to exercise a greater control over their own economies. Very quickly, this became a focused attempt to control the economies of other countries too.

 Ensuring that everybody else’s payment processing industry did not survive was and is par for the course. Eurocard and JCB are just a few that fell by the wayside, were swallowed up, or were not able to really prosper.

The first signs of an attempt to bring India into the ambit of the US-backed payment processing industry came around 2000 AD, a couple of decades after the arrival of cards like Diner’s Club, Gold Pass and some others. Initially these were for very limited Indian rupee payment-only kind of transactions, to dovetail with the requirements of foreigners who required their plastic to work in India. In just a decade after that, the grip of the US-backed payment processing industry, could be seen all over India.

 Very soon, large segments of the Indian population, the swelling middle class and more, simply could not do without their plastic fix. Luckily, RBI saw the signs, and was able to control the ATM business before it grew too big. Today, our ATM business is Indian controlled and is setting benchmarks globally for technology. (Counterfeit currency is a separate issue.)

 Around 2000 AD, the small tech company that I founded got involved with the US payment processing industry; at that stage it was variously explained to me how global dominance was an integral part of any aspect of the payment processing industry in the US.

 I recall interviewing a best breed urbane youngsters in India with brilliant software skills around that time, who had no clue about plastic money, let alone possess plastic from their banks. Today, they are domain experts, and even a school student uses plastic.

This is not just a question of the few million dollars in fees that the payment processing industry collects. It is all about controlling the economy, controlling the float, by-passing the taxation system, keeping track of fiscal information of all sorts, and in short, running the money in somebody else’s country.

It is Economics 101 for some, mystery for others, but dangerous all the same.

In addition, control over domestic and international transactions is where the real deep danger lies. All this, and more, was explained to us when we were working for the US payment processing industry.

 Some of this was obviously shared with the domestic market. It has been a convoluted decade, moving from this level of lack of knowledge on the subject, to the pre-eminent position where India now has RuPay.

Every trick in the book, and more,  was used to prevent India from developing RuPay—outright sabotage of efforts to go to RuPay (previously IndiaCard), co-opting those who would challenge RuPay (SBI Cards is just one example); even now attempting to portray the payment processing business as something that Indians cannot handle on their own.

Next door, the Chinese were moving ahead rapidly too. With China Union Pay (CUP), they extended their sphere of influence well past their domestic borders into the Pacific, the Central Asian countries, Africa and were on hand when the switch was pulled on Iran.

That CUP has a head-start of a few years on RuPay, and why, is something on which a book can be written—and which will make some of the multi-lakh scams look like so much loose change.

 It behooves you as an Indian to find out from your bankers about RuPay—and see how you can be part of it. A rapid build-up of critical mass of users will be essential and very soon; in months probably.

An increasing number of ATMs from some banks—SBI, BoI, UBI, Axis Bank, BoB amongst them—already transact RuPay. Point of Sale machines are already in position, and the number is increasing.

Go to your bank today and find out about their involvement with RuPay you owe this to your country, and to the sovereign strength of the Indian economy as a whole and the rupees in your wallets and purses.

I do not want to be melodramatic, but the roots of slavery are born out of external forces controlling your domestic economy: it is as simple as that. That is the bottomline as far as the global payment processing industry is concerned. And in today’s India, the stakes are very high, and we need to be part of this shake-up.

You can do much more than what some short article tucked away in an inside page can probably manage. Spread the word on RuPay; go ask your bank manager today.

Previous articles which may throw more light on the subject are:

(Veeresh Malik had a long career in the Merchant Navy, which he left in 1983. He has qualifications in ship-broking and chartering, loves to travel, and has been in print and electronic media for over two decades. After starting and selling a couple of companies, is now back to his first love—writing.)
 

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COMMENTS

Veeresh Malik

2 years ago

The launch of Jan Dhan validates the points raised in this article.

Mohandas

5 years ago

Thank You Veershji.. My mail in few minutes ... Mohandas

Mohandas

5 years ago

How to contact Mr Malik? I wanted to share some info on ICTT Vallarpadam, Kochi. I have been reading the articles which Veeresh Malik wrote on the terminal so also on the firing on fishermen. I am from Kochi

REPLY

malq

In Reply to Mohandas 5 years ago

Dear Mohandas ji, you may write in to editor at moneylife dot in.

rgds/VM

Murali Kumar

5 years ago

A very well written article.
Great.

Vamsi

5 years ago

Can you do international transactions on RuPay ?, Does all international merchants accept RuPay ?, Otherwise Shut up.

REPLY

malq

In Reply to Vamsi 5 years ago

Dear Ms or Mr Vamsi, thank you for writing in, and I must say, your writing skills are matched only by your brilliance!!

Certainly, RuPay will get there. Till then, you have a nice day, and thank you once again for reading MoneyLife.

Unfortunately, the option to shut up is not feasible.

Regards/VM

Vamsi

In Reply to malq 5 years ago

Thanks for your certification. RuPay is not solution that fits every ones need. Some of the peoples income including mine depend on ability to do international transactions. Any day I would rather prefer a private company that takes their customers seriously than a govt dept that keeps me in queue for hours.

malq

In Reply to Vamsi 5 years ago

Dear Ms or Mr Vamsi, thank you once again for writing in, and good for you, best of luck.

rgds/VM

Govind Shanbhag

In Reply to Vamsi 5 years ago

VAMSI Jee - I think u r admirer of private company. For your information RTGS/NEFT/SBI'S GLS one of the best managed money transfer avenue from any where in the world. Within 30 minutes of remittances from abroad the funds are in the account of bnf and also SMS goes to remitter/ bnf/ remitting bank abroad. Issuance of paper drafts fm abroad have come down by 95%.

R Nandy

In Reply to Vamsi 5 years ago

I think international acceptability is not a very important aspect initially. As international usage needs by a few people will nor affect its acceptability within India.The important point is that RuPay should be able to deliver good service and is adopted by the major banks in India via debit cards. International usage aspects will come latter once it is successful within India.

Pankaj

In Reply to R Nandy 5 years ago

very true , Mr Nandy !

Ramsundar Lakshminarayanan

5 years ago

What is credible and compelling is that Rupay will be based on a non-profit vehicle. Credit Card debts are an increasing menace in western society and it is my hope that Rupay's non-profit attribute will prevent the masses from getting caught in tentacles of debt.

REPLY

Sandeep

In Reply to Ramsundar Lakshminarayanan 5 years ago

What if debt (or credit) is paid on time.Do you attract any charges.It means card issuer is paying for you to the bank.The bank charges interest to the card issuer.
The debt has to be paid on time.Blaming bank or any else for our miseries is ridiculous.

Ramsundar Lakshminarayanan

In Reply to Sandeep 5 years ago

If debt is paid on time, why take the pain to create credit cards and market it? Credit card offers induce gullible customers. And most of them, in the US, I know fall into the trap. Just check student credit card debt in the US.With a non-profit motive, social factor comes into the picture and will play a major part in avoiding the debt trap.

Jingo

In Reply to Ramsundar Lakshminarayanan 5 years ago

The banks decide the interest rates, fees, etc charged on credit cards and expecting payment schemes to be able to influence these is not plausible.

Ramsundar Lakshminarayanan

In Reply to Jingo 5 years ago

Agreed. Don't you feel non-profit attribute will lead to socially responsible advertising/partnership with banks with no ulterior motive (profit making, spreading a web etc?).

malq

In Reply to Jingo 5 years ago

The biggest thing I would expect once RuPay gets going is the benefit for not using cash that is rightfully mine as a customer. Anything between around 10% and the existing savings bank interest rate would be the ideal number - instead of making us pay extra for using plastic as is the norm with MC/Visa/AmEx . . .

R Nandy

In Reply to malq 5 years ago

Veereshji,
RuPay is good for the Indian consumers as well as the banks.
But, it will certainly have no impact on the high interest rates charged by the banks as correctly pointed out by Jingo.The high interest rates are charged by the banks to sustain their businesses based on their currect business models.For example, inspite of high interest rates many Credit Cards like Deuctche(now Indusind),Barklays are in loss due to
high defaults.So,credit card is not an easy business with high margins.
So,we can't expect banks to reduce interest rates on credit cards whether
they use RuPay or MasterCard/Visa/Amex.They will probably have to
change their business models to minimise defaults,then only interest
rates can be reduced.Adoption of Rupay will reduce the cost by a few basis points,it is in no way comparable to the min 36% p.a charged by the credit Cards.

Regards
R Nandy

Jingo

In Reply to malq 5 years ago

Can I request you to please get in touch with Rupay and let them know your minimum expectations for supporting Rupay's expansion in India. It would be very interesting to know what they responded with. Once again, i remain surprised at your comments without understanding the busines model itself. Obviously you can make your comments without necessarily knowing about things!!

sekarsampath

5 years ago

What does the author want to communicate? I hoped he would tell us something on how RuPay works and how it would help the country, the economy and the citizens. But he goes on and on, without connecting to the readers. Reading his article, in my view, was a waste of time.

REPLY

malq

In Reply to sekarsampath 5 years ago

Dear Sekarsampath ji, thank you for writing in, and yes, you are correct, I may have been addressing this article to those who already know much about the subject.

Shall do one more soon on the basics as well as on the points raised by you.

rgds/VM

Sandeep

In Reply to malq 5 years ago

The article doesn't mention about the payment processing industry works and why Rupay should be supported.It would be better how the "system" works is explained.

malq

In Reply to Sandeep 5 years ago

Dear Sandeep and others, thank you for bringing up this point.

I agree, I need to do a few articles explaining the how and why of the payment processing system, and the inherent issues vis-a-vis India.

Shall do.

Regards/VM

PankajA

5 years ago

I'm sorry I remain unconvinced with your article which makes claims without enough thought.

As an Indian, I want to see e-payments penetration reach out to more people conveniently. With cash lies the core of our problems. Rupay does not and cannot solve it alone.

It takes competition to deliver value on sustained basis. I am against the nationalisation of payment industry and artifically holding out the best in class.

Face the facts, Visa and Master are best in class today. If CUP betters them, I would like to see CUP and Rupay compete in India. I believe Indians have the capability to replace them, but it has to be by delivering quality, not on nationalist jingoism.

Of course this is subject to safeguards. Creation of Rupay itself is a safeguard and a welcome one. But Rupay becoming the monster is not the purpose.

Competition is happening in the areas of banking, insurance, electronics, cars etc and has helped us all and Indians have competed well with other countries, eben acquired a few giants. So why not in Payments? why this nationalist paranoia?

What is your agenda for desiring a 85% Rupay market share and kill competition?

You time and again are skirting my feedback to present Rupay as a nationalist cause. I disagree and claim that true nationalism demands that we effectively pull more people out of poverty and increase productivity through more e-payment penetration.

The goal for any Indian is to accelerate e-payment penetration, not increasing RuPay market share. lets not confuse the two.

So far I have been labelled as anti national because I believe Rupay's interest is not wholly equal to India's interest and that replacing one foreign monster with an Indian one is as bad. We need true competition instead.

Give me intelligent counter-arguments. Lets have a good debate we can enjoy :-)

REPLY

Ajit

In Reply to PankajA 5 years ago

The only argument is COST and why are you skirting that issue?

malq

In Reply to Ajit 5 years ago

Dear Ajit, thank you for writing in.

Cost alone is certainly a major argument, but not the only one, and there are many more. If it was cost alone then soft drinks and cigarettes, for example, would cost a lot more and pharma drugs would cost less - but one leads to the other, and the result is a healthcare industry born out of these products - often with the same financial backers.

There are bigger issues, of basic freedom, sanctity and safety of currency and economy, and trying to revert to a day and age prior the arrival of the Europeans in/around the 17th Century when the Indian Ocean economies were based on trade rather than on force of religion and/or gunboats.

What does this have to do with the payment processing industry?

Everything.

Regards/VM

Jingo

In Reply to malq 5 years ago

Someone should tell the payment processing head honchos that they dont even realize how important their industry is!! Am sure they would be pretty happy to note that they wield tremendous powers to transform this world on their own.!!

malq

In Reply to PankajA 5 years ago

Dear PankajA, thank you for writing in, same questions as before, and have already been answered.

Nobody is talking about a monopoly, but certainly, proper competition now.

Time for the old cartels to shake up their ideas.

Regards/VM

Pankaj A

In Reply to malq 5 years ago

Finally! Heartened to see your mail.

Yes, let's hope iNdians get better value from pawned based on competitive products that improve our productivity as a nation.

And let's hope Rupay rises to the challenge by delivering quality as has been done by the likes of NDDB and many Indian govt companies in purely competitive enviroements

pankaj

In Reply to PankajA 5 years ago

you have copied and pasted ur own comments posted earlier . This is same comment. We have read it .

Pankaj

5 years ago

I am pretty much confident of India's capability to compete in global world , provided we are given level playing field. And those who think that the field is leveled for us to go and compete are living in fool's paradise.
The rhetoric of Opening of markets for all , to not being too nation-centric is a lecture given to the under-developed countries to listen and act upon. But , when the same rules are asked to be applied to them also, they act with Big brother bullying , use all kinds of pressure tactics , lobbying etc. and are not hesitant to declare their affinity and oath to protect national interests. ( case in point being that of Iraq war, pushing of GM foods in other countries, not complying with climate change summit guidelines to oath for environment protection and many more too... ) And, we bow in front of them. This is our genesis of slavery that causes it.

Otherwise, Why is author being asked again and again to not lobby like a nationalist alarmist ? What is wrong even if one does so ? Second reason is that we take things at face value and refuse to go behind the scenes and are overawed by the glossy appearances of the MNCs and believe them to be flawless. While, it is not true.

The author is only bringing forth and asking us to promote and ask for something that can bring respect , security and pride for we Indians, and may be freedom from a remote fear of Economical dependence. What's wrong in that ? The author is also pointing out at hurdles been created for its successful implementation and is indirectly pointing out the reasons and beneficiaries of these hurdles. I do not see any exaggerations in these.

We should open our eyes to all the things that are done behind the curtains and not believe the western giants to be sacrosanct. Please come out of cocoons and see the real world and the schemes being played to remain on top. ( I must clarify that I am not anti- westernization or any cynical who sees conspiracy in everything. ) But fact is fact ! And those arguing for other countries gateways are not replying to his simple question that " will Rupay get the same ease of setting up operations in Countries like America, what we offer them ? " The answer is : No ! All these attempts will be subjected to hundreds of scrutinization in the name of protecting national intersts. and we will applause their self driven love for the nation. and here we are advising our own mate to not sound too much like a nationalist.

I am also sure that any such successful initiative by RBI will bring in radical changes in the Credit and debt card industry by rationalizing the fee, late fee charges and interest rates etc. But, We need to repose our faith in this initiative and I will for sure ask all my Banks for it . I will be very happy to use it as against any card with Visa or MC.
BTW, my experience of resolving any dispute with a bank has always been too much pleasant with a PSU bank vis a vis pvt bank. Another example of PSU s supremacy in dealing with their clients in a lot more personal and professional manner. While in case of Pvt banks, I couldn't move ahead of a helpless call center employee , even talking to whom is an up hill task for anyone. I am adding the last few lines to reply to those who beliieve that Govt initiatives or projects can't be meticulous..
Thanks !

REPLY

Jingo

In Reply to Pankaj 5 years ago

Its quite a scene here. I would restrict my points to 2:

1. Payment processing companies do not decide the interest rates, late payment fees, cross norder fees or other charges. They are determined by the respective banks and their product teams.

2. Going international is a very futuristic debate. Also, one needs to undestand the business model. Visa or MasterCard connect banks all over the world to each other and guarantee settlements between them. Thats the reason why your card is accepted by any merchant anywhere in the world. So, for Rupay to create that network of banks is the key to going global or multi national. Obviously they would take one step at a time though the author would like to believe that its just a matter of knocking the door and asking to come in.

My only other comment is do unto others what you expect others to do unto you. Should one give up on principles simply because others have allegedly given up?

We have far more serious issues at hand in the country!

malq

In Reply to Jingo 5 years ago

Dear Jingo, and thank you for writing in again!!

1) The payment processing "associations" AND their back-room bunch (merchant acquiring, tech providors, the whole nine yards) AND the US economy pretty much dictate the complete scenario on date. CUP has come and thrown a pretty spanner into the game, Visa notwithstanding, and a quick exposure to the realities of matters in the Far East, Australasia and now Central Asian/African countries, as well as, ofcourse, Iran, will give a better picture of which way matters are headed.

2) To in any way suggest that RuPay should slow down at this juncture reveals a lot. Enough said.

Yes, there are many other things to fix in not just India, but the complete Indian Ocean economy areas. One major thing to fix is get out of the clutches of the Western world and their whole concept of trying to manage our economies by all means possible.

Warm regards/VM

malq

In Reply to Pankaj 5 years ago

Thank you, Pankaj, for putting things across in such an articulate manner.

And, may I add, correct too.

Agreed. And thank you.

Regards/VM

Pankaj

In Reply to malq 5 years ago

Thanks, Sir !

Pranav

In Reply to Pankaj 5 years ago

Pankaj - from what i read and the article there is no clarity whether rupay is to be treated like FDI in retail, then we should question this in parliment, may be DIDI can take this up.

parimal shah

5 years ago

where can I get RuPay card? What are the fees?

REPLY

malq

In Reply to parimal shah 5 years ago

Pretty much available at an accelerated rate now . . . http://www.npci.org.in/documents/Publica...

Jingo

In Reply to parimal shah 5 years ago

You can get them with 4-5 banks right now. And pretty soon any bank will issue those cards as well. They will have limited merchant acceptance for a period of time after which at least domestically they would be ready to be used at pretty much all locations.

Govind Shanbhag

5 years ago

Veeresh Jee - All leading banks have been advising customers not to visit branches but instead use debit/credit/ internet banking so that transaction cost per customer reduces considerably. But our bank customers including the ones who use internet banking (1) go to bank counter and update their passbook (2) go to the bank atm to withdraw cash (3) again comes to the branch to update their passbook. They become very happy/ comfortable once their transaction/ balance etc. appear in their passbooks. Go to any bank branches, you will find nearly 50-60% of customers doing this banking.

REPLY

malq

In Reply to Govind Shanbhag 5 years ago

Very valid points, Govind Shanbhag ji, and thank you for writing in. But it is a question of time before updating of passbooks is also done at the bank ATM. Already, last 10 transactions are available free of charge on "home" ATMs.

Regards/VM

sandeep

In Reply to malq 5 years ago

Updating passbooks is regressive feature of public sector banks.Whole day is wasted sometimes in a bank which is busy.This has to be changed.

R Nandy

In Reply to sandeep 5 years ago

Passbook updating is a wasteof time only theoretically. It is of great convenience to people who don't do Internet banking.Secondly,I am also not sure how the banks save money in India by not updating passbooks.Statements need to be printed by an individual and as well as posted to people which cost money to the bank.

I have observed SBI,indiranagar Bangalore for many years.They handle passbook updating in an extremely efficient manner.There is a dedicated counter near the entrance which does the passbook updating without the useof any tokens.Each passbook is updated within a minute.The counter is probably manned by a junior employee.None of the other counters deal with passbook updating.If suppose the bank was sending statements, the same employee might have taken the printouts and then put them into envelopes and then paid the postage and send it to the customer.Which is more efficient?

I think passbook updating is an excuse for many bank employees as well as bank managers to mask inefficiency.

sandeep

5 years ago

The HDFC bank is not charging me anything extra if I use my credit card and pay within stipulated time.
I don't
agree with your point that Rupay has to supported as it is Made in India.Service should be at par with international standards.

REPLY

malq

In Reply to sandeep 5 years ago

Dear Sandeep, and thank you for writing in, AND thank you for bringing up the most important point here.

There are huge benefits to the banking industry, the central bank and the government, every time you don't use cash and use plastic instead. Or you don't use the bank's resources to make a human interface, and use an ATM instead, to withdraw or deposit cash, instuments or more.

Those benefits, some of them, need to be passed on to us - the 95% or more who use plastic and pay our dues on time (or use debit cards and let the banks use our money)

Today, Delhi Metro, who I continue to use as an example, "pays" me a benefit of 10% for using plastic on the rail fare. In other words, as compared with somebody else using cash, I am getting a straight 10% benefit.

So, maybe not 10% because I am also earning some interest on the money kept in savings bank or multi-accounts, but some benefit needs to accrue to me everytime I use a piece of plastic to transact, when compared to the person using cash.

THAT is what RuPay will bring to the table, and THAT is apparently what worries the votaries of MasterCard/Visa who are currently haranguing this article.

rgds/VM

malq

5 years ago

And here's one more reason why the likes of Visa / MC / AmEx would not want to see RuPay succeed . . . http://www.cracked.com/funny-4179-credit...

REPLY

Madhu

In Reply to malq 5 years ago

It is funny that you confuse and let all other readers get confused between the credit card issuing entity like banks and the entity that is a payment network. I would suggest you get a refresher course on Payment systems before sharing such links. the money in your link quoted will be made by banks like SBI, Canara, ICICI Bank, Axis Bank, Citibank etc that issue the credit card, and not Visa / MC. Going by this logic tell me if it is a Rupay credit card will the interest be 5% instead of 42% charged by banks. I will be happy to take one!

malq

In Reply to Madhu 5 years ago

Dear Madhu, thank you for writing in again!!

1) I am always willing to learn more!!

2) What, at the end of the day, are Visa / MC / AmEx and even RuPay, but associations of banks? That takes care of the "who makes the profit" aspect.

3) However, the big difference will be, and rightly spotted by you - the lower interest rates and charges. As well as higher minimum payable. As well as certainly more socially equitable control by the RBI. And most of all, certainly a far more honest system as pertains to foreign exchange transactions than the daylight robbery being practiced currently.

Ofcourse that is the point - most Indians will be happier (and safer) using a RuPay card soon!! We agree on the core issue, now we have to figure out why, right?

Right. Have a nice day/VM



Madhu

In Reply to malq 5 years ago

You have conveniently missed my point, the fact is pricing and minimum dues are decided by Banks and not rupay or MC or Visa.

Can you elucidate more on the day light robbery, this sort of ranting without facts is absurd and i shall not spend more time on commenting on your article.

I don't quite agree with you on anything you have written as they are baseless and only your perception.

Nagesh Kini FCA

5 years ago

For all on knows, there ought to be desi PIO in Uncle Sam's land who contributed to the original paper money.
In the present case, now that is operating successfully without glitches it has every reason to succeed here too.
Some teething troubles notwithstanding.
If more PSBs jump into the bandwagon it can certainly take off faster.
No need to drag Aunt Victoria and Uncle Tom, it ought be Uncle Sam! Both are non-entities post the great meltdown. So forget them.

pradeep

5 years ago

Individual customer does not have the clout necessary to persuade banks to changeover to RuPay. The RBI has sufficient clout to ask nationalised banks to introduce the same forthwith. Especially SBI introducing it would be an example for other nationalised banks to follow suit and thereby customers can ask their private bankers too to introduce/switch to same.

REPLY

malq

In Reply to pradeep 5 years ago

Individual customer can certainly ask for and get what he thinks is better for her/him, Pradeep ji.

Simply put, for NOT using cash, for NOT wasting a bank's time and resources, I as a consumer need to get some sort of a reward or additional service.

THAT will be the strong point of RuPay.

Best/VM

Life Exclusive
Why are political parties quiet about the menace of “paid news”?

The Chief Election Commissioner Dr SH Quraishi highlighted the menace of paid news in the Moneylife Foundation’s event, “Democracy at Crossroads—Need for Electoral Reforms”

“The Election Commission demands paid news, publishing or even abetting it, should be made an electoral offence. All political parties unanimously engage in the trend and hence nobody wants to stop it,” said Dr SY Quraishi, India’s Chief Election Commissioner (CEC). He was speaking at the seminar titled “Democracy at Crossroads—Need for Electoral Reforms” organised by Moneylife Foundation and V Citizens Action Network (VCAN) on Tuesday.

Dr Quraishi said, “Newspapers and television channels offer ‘packages’ for politicians for their election coverage. All parties participate in the process. Paid news must be made a punishable offence. Any candidate taking the help of paid news to manipulate voters must be jailed for two years. In fact all parties are also victim of the menace of paid news.” He was referring to the tussle created when the same positive election coverage packages are bought by different political parties.

The CEC also highlighted the case of two people in Uttar Pradesh, whose candidature was cancelled because of their involvement with paid news.

Paid news also accounts for a significant part of election expenses for parties and candidates. The Election Commission had earlier said that it would keep tabs on suspicious news articles and political parties’ advertisements to estimate poll expenses.
In the recently concluded state polls, several instances of paid news were detected. According to the Election Commission, 626 cases of paid news were reported during the assembly polls. Of these, 523 suspected cases were reported from Punjab and notices were issued in 339 cases.

Union minister for information and broadcasting, Ambika Soni, had said at a recent event that the incidence of paid news has gone up since 2009. She also expressed concern about the mushrooming of media schools, which do not seem to have any guidelines about reportage in place.

Already, a Group of Ministers (GoM) has been appointed to take action on the recommendations of the Press Council of India’s report on paid news. The next meeting is scheduled to be in September.

Commenting on the role of the media during elections, Dr Quraishi informed that, “We have instructed our officers that if they see any news on television showing misbehaviour or violating the Moral Code of Conduct by any candidates or any other offence, then treat it as a formal complaint. This is working beautifully. In fact, in the past, we have taken action after such reports were out.”

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COMMENTS

vineeth

5 years ago

History repeats itself, madam Sucheta Dalal who exposed the Harshad Mehta scam knows very well, that a persuasive young bania's corporate entity was most benefited, by the nexus of Newspapers-Politicians-Bureaucrats-SEBI-CBI-ED-Banks-LIC-and many many more. It was a manipulation planned & executed perfectly of having the right people at the right place at the right time. The course of Indian politics was/is decided by the price of DMT. the said corporate entities growth over last 4-5 decades has all the elements of a Indian soap opera,, wealthy tycoons, brothers fighting each other, sleazy political netas, religious swamis, greedy & Smart banking honchos, angry wives, disputed inheritance, Private Detectives, allegations of forgery, phone tapping, murder attempts and what not, swam with the sharks in the sea of Aden for winning the bet of "Ice Cream"...people call him by various names like polyester prince, father of Indian Equity market, they can add one more name to him: the father of promoting corruption at every level of Indian Democracy.
opportunistic to the core, he did think big and made it big, irrespective of deteriorating health, missiles being bombarded at him daily from media, nothing effected his focus of chasing his dream by hook or by crook. Today, the Global Corporate World recognizes him and respects his long term vision,an enigma also the most corrupt selfish brain who made the vibrant empire with peoples money. its in the genes, sons continue the same cut throat style of management. Media made him bigger than the country, target him the next day and same media will have a front page advertisement the next day. This is history of Print media. Reporting something without evidence by any & every magazine or channels or newspaper can damage Crores of human life.Even MoneyLife has gone with the wind. I am asking the respected journalist and editors, once, the Apex Court or sands of time in any case negates all your false reporting...are you ready to apologize publicly for the mistake, on the front page, No, you don't have the sincerity for standing for a cause come what may...History is the witness, it is repeating, will always be so...

Pradeep

5 years ago

It is well known fact that media is in cohorts with the politicians. In fact some of the political bigwigs have started owning the various media channel to reduce on cost and also have continuous positive coverage for their party.

Aban

5 years ago

The answer is: the media is hand-in-glove with all the political parties who breed corruption in every sphere of the nation's life. One can easily see how bureaucrats vie with each other to appear on TV channels. That is what all politicians do, all media-savvy university teachers, trade union leaders, anti-corruption fighters all do. Hence, there can never be any end to the system of paid news in the Indian scenario. The true character of our media is not unknown to the common people.

Java

5 years ago

Apart from the candidates, the media person should also be punished and suspended promptly.. Three violations by a channel or publication should result in the editor being automatically barred by the press council immediately and the owner/publisher losing the licence. There should be zero tolerance in our society for such too clever by half cheats and swindlers. Media accounts and annual reports too should specifically have a declaration by the auditors regarding paid news.

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