Banking
Make Payments through IMPS
It works 24x7 and costs very little
 
Savers suddenly have a wide range of choice for mobile payments; instead of using physical instruments, like cash, cards or cheques, you use your mobile phone to make the payments. In mobile banking or Internet banking, money can be transferred only when the account number of the payee is known and the account of the payee has to be registered with the payer to initiate a fund transfer. In mobile payments, the account number is masked. The sender is not required to know the bank account number of a receiver for transferring money. This opens up a range of possibilities—from buying tickets to paying auto fare—both of which would not have been feasible had the account number been mandatory for a simple transaction. 
 
One of the least known, but effective, mobile payment systems in India is immediate payment service, or IMPS, launched by National Payment Corporation of India (NPCI) a non-profit company launched by the government. IMPS allows 24x7 instant fund transfer anywhere in India to any bank account-holder whether she uses a low-cost device or a high-end smartphone. For using IMPS, the user only needs to know the mobile number of the payee (registered with her bank), her seven-digit MMID, the amount and sender’s four-digit PIN. MMID (mobile money identifier) is issued to any bank customer when she registers for IMPS.
 
At present, there are 68 banks which offer IMPS facility to customers for money transfer. In addition, prepaid payment service-providers, like Oxigen, GI Tech, Airtel Money, ITZ Cash, UAE Exchange, mRupee and m-Pesa, can allow those without a bank account to send and receive money though mobile phone. For SMS-based IMPS transactions, there is a limit of Rs5,000 per day, per account; the limit for mobile-based apps is Rs50,000. Here is how one can use IMPS.
 
Registration for Remitter (sender): 
Register for mobile banking service at your bank branch.
Get mobile money identifier (MMID) and MPIN from the bank.
Download software (app) for mobile banking (ensure the compatibility of mobile with the application). You can also use the SMS facility.
 
Registration for Beneficiary (receiver):
Link your mobile number to the account in bank.
Get MMID from the bank.
 
For Remitter (to send money):
Login to the application and select the IMPS menu or use the SMS facility in your mobile
Enter beneficiary’s mobile number, beneficiary’s MMID, the amount and your IMPS PIN, which consists one-time PIN and last three digits of your MPIN, to send. 
 
Here is the standard format, if you are using SMS for IMPS…
IMPS
 
For example, send an SMS:  
IMPS 9876543210 1234567 5000 1234789
(Here, 9876543210 is the beneficiary’s mobile number, 1234567 is the MMID of the beneficiary, 5,000 is the amount, 1234 is your one-time PIN and 789 are the last three digits of your MMID.)
 
Remember, the OTPIN you would receive through an SMS will be valid for one hour only.
Await confirmation SMS for the debit from your account and credit in the beneficiary’s account.
Note the transaction reference number for any future query.
 
To Receive Money:
Share your mobile number and MMID.
Ask the remitter to send money using your mobile number and MMID.
• Check the confirmation SMS for credit to your account from the remitter.
• Note the transaction reference number for any future query. 
 
IMPS is a boon for the large number of migrants in every city across India. Without visiting any bank branch, they can remit money to families in their hometown. Since, IMPS can be used 24x7, they do not have to skip their daily wage job. 

User

COMMENTS

Vaibhav Shrivastav

1 year ago

Very good and informative..

ramchandran vishwanathan

1 year ago

what are the charges

REPLY

Rohan

In Reply to ramchandran vishwanathan 1 year ago

Only 5 Banks in India charge for IMPS:
1)ICICI (upto 1lakh-Rs5+SC)(Between 1lakh to 2lakh-Rs 15+SC)

2)SBI (Rs 5)

3)HDFC(upto 1lakh-Rs5+SC)(Between 1lakh to 2lakh-Rs 15+SC)

4)Axis Bank(upto 1lakh-Rs5+SC)(Between 1lakh to 2lakh-Rs 15+SC)

5)Punjab National Bank(Rs 5+SC)

Shashank S

In Reply to ramchandran vishwanathan 1 year ago

For IMPS most banks charge Rs 5 per transaction (5.62 if u include Service tax)

Kedar Jayant Deshpande

1 year ago

Very informative. Thanks !

When Doctors Are Away
Only the human mind matters; the body does not matter at all
 
A Massachusetts General Hospital study revealed that death and disability rates in seriously ill patients in intensive care units came down when nearly 90% of the specialist cardiologists were in college meetings or away from their great responsibility. This fits in with the views of one of their leaders, Dr Harlan Krumholz, lamenting that most cardiac interventions in the United States (emulated zealously in India) are done for money and not for patients’ benefit. A study that showed that between Philadelphia (US) and Ontario (Canada)—with similar demographics—the cardiac intervention rates were 1:10 in favour of the US. Yet, at the end of five years, there were more people alive in Ontario in that cohort than in Philadelphia! Other studies showed that when doctors went on strike, the society’s health improved and mortality and morbidity fell significantly.
 
I have planned a study of per capita mortality in two time slots, 1930-1970 and 1970-2010 in the same hospitals in US, England and India. I am making all-out efforts for this at the moment. My hunch is that there will be a significant worsening of mortality and morbidity rates in the second slot compared to the first, as happened at the Christy’s Hospital in Manchester in one particular disease—chronic myeloid leukaemia—in the previous century. 
 
Human body is a closed system with a powerful healer inside that looks after most—if not all—ills. This healer is called the immune system. The immune system becomes the inner healer where outside interference is limited to “cure rarely, comfort mostly but to console always.” That is precisely why interventions, often, lead to disaster. Even the germ theory and the advent of antibiotics has not been as much of a blessing as it is made out. We have landed ourselves in a catch-22 situation with super bugs ruling the roost in present hospital set-ups forcing us, in desperate situations, to go back to nature, like in the case of faecal transplants, etc. Even in other areas, antibiotics have been a bane. Western science thinks that it is the responsibility of science to meddle even with nature. Primarily, science is meant to try and understand how nature works. If science tries to teach nature a lesson or two, like in genetic engineering, nature will teach us a very nasty lesson sooner than later—if it has not done so already.
 
The king of scientific ideas, quantum physics, has come so close to sanatana dharma that many leading physicists like Max Planck, Albert Einstein, Werner Heisenberg, Wolfgang Pauli, Paul Durr, Erwin Schrodinger and Niels Bohr have almost become philosophers. Only the human mind matters; the body does not matter at all. Consciousness is fundamental; all else is derived from it. This is elegantly shown by David Wiebers, a noted neuroscientist and teacher in his classic Theory of Reality. If one knows how to keep his/her mind under control, health gets corrected. Yoga, meditation, and pranayama hold the prime place in human healing. Ayurveda is staging a come back. Sadly, real good Ayurveda is no longer extant in India; most colleges teach modern medicine on the sly. 
 
Unfortunately, Western materialistic science is so powerful monetarily that it is able to sell itself in society. The reformers have a twin task on hand—of teaching the new science to future students (it is not too late already) as well as the more arduous task of de-schooling society—that there is no single pill for every ill. The right science of healing has to be encouraged by the powers that be for it to blossom. Even the Western reductionist science has some place in the management of emergencies and corrective surgery. Let us club that with the best in Ayurveda and other complementary systems for the good of mankind.
 
(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS.)

User

COMMENTS

Suresh

1 year ago

I have been reading Dr Hegde's articles for years and am a big fan. But of late I have noticed that most of articles, like today's post, are repetitions of his previous articles. He has not said anything new in today's post which he had not said earlier!

I hope Dr Hegde will resist the pressure of publishing for the sake of posting / meeting deadlines and enlighten us with his medical wisdom in newer areas!

REPLY

Pradeep Kumar

In Reply to Suresh 1 year ago

New readers are always coming in, like me. For me he is still fresh!
And as a insturctor in professional training, I am promoting ML as much as I can, as it is singularly the only money/life magazine one can place once trust on, and so, invest one's greatest resource, one's time.

SuchindranathAiyerS

1 year ago

If the cardiac surgeon had been away when my Dad was rushed to the Apollo Sagar Hospital in Bangalore, he would not have been alive. But he would certainly have escaped the eight weeks of torture of having to live against his will because of a pace maker implant that kept him alive until his kidneys packed up from the medication administered for secondary infections picked up the ICU. He was over 90 at the time, and my Doctor relatives (from the US) say that it is absurd, even by US "under insurance" standards to implant a pace maker at that age.

Vishal Modi

1 year ago

Thank you for good article, Professor Hegde.

5 Reasons Herbalife’s Survey Won’t Save It from Prosecution
Deconstructing Herbalife's defense that a survey found most people join for discounts
 
In the recent Bostick v. Herbalife class-action case, which settled in California federal court in May, Herbalife’s primary defense as to why it isn’t a pyramid scheme was a static 2013 survey estimating that approximately 73% of its members joined the company to receive a wholesale price on products. In other words, Herbalife, a Los Angeles-based multi-level marketing company that is also under investigation by federal officials, believes it can shield itself from prosecution by claiming that a majority of people join only to receive lower prices on its dietary supplements and weight-loss products, not to earn money. The Bostick court opined that “this evidence seriously undermines Plaintiffs’ endless chain scheme claim, as it suggests most members did not join ‘for the chance to receive compensation’ for recruiting new members.” But here are five reasons why this defense simply won’t work. 
 
1. Follow the money. Determining whether an MLM is a pyramid scheme or not by analyzing people’s motivation for joining an organization is of little to no value. As Koscot, a cosmetics MLM that the FTC deemed an illegal “entrepreneurial chain” in one of its first pyramid scheme actions, and its progeny have made clear, the real issue is what the company motivates its distributors to do – that is, whether the company focuses on paying distributors for recruitment rather than retail sales. And this is not an analysis that can be isolated to one particular moment in time. Quite to the contrary, in determining whether or not an organization is operating a pyramid scheme, the data must be reviewed over time to see if there is a common pattern and practice of ongoing reward for recruitment with little evidence of sustained consumer demand. See Omnitrition, 79 F.3d at 782 (citing Koscot, 86 F.T.C. at 1181) (“The promise of lucrative rewards for recruiting others tends to induce participants to focus on the recruitment side of the business at the expense of their retail marketing efforts, making it unlikely that meaningful opportunities for retail sales will occur.”)
 
2. Totally irrelevant. Assuming Herbalife’s survey is accurate (which is a big assumption), it simply means that its business can be divided into two primary segments: its retail discount program and its distributor program. That 73% joined Herbalife at one moment in time for a retail discount doesn’t mean that the 27% engaged in direct sales for Herbalife are not involved in a pyramid scheme. And as Bostick made clear, those involved in the distributor program purchased a disproportionately larger amount of products than did the discount buyers. See FTC v. Burnlounge, Inc., 753 F.3d 878, at 881 (“The evidence at trial showed that BurnLounge’s business had two primary aspects – its Retailer program and its Mogul program. . . . The Mogul program was the only aspect of BurnLounge that the district court found to be a pyramid; accordingly, this opinion focuses on the Mogul program.”)
 
3. Prosecutors don’t care. There are two prongs to determining whether a company is operating a pyramid scheme: (1) the right to sell a product, and (2) the right to receive rewards, which are unrelated to sale of the product to the ultimate user, in return for recruiting other participants into the program. The primary reason why someone says they joined Herbalife is of little consequence in determining whether Herbalife’s focus is on recruitment with rewards rather than sales of merchandise. Which is to say that why someone joins a business doesn’t obviate the fact that the business may still be a fraud. (See Webster v. Omnitrition International, Inc., 79 F.3d 776, 782 (9th 1996) in which the court found that MLM Omnitrition was a pyramid scheme because “[t]he mere structure of the scheme suggests that Omnitrition’s focus was in promoting the program rather than selling the product.”)
 
4. Identity crisis. While Herbalife is a multi-level marketing company, for purposes of its pyramid scheme defense it relies on static survey evidence that 73% of its members actually consider it more of a buyers’ club (ala Costco). The argument goes like this: internal consumption by the majority of Herbalife members amounts to sales to the ultimate users so any rewards paid on these sales are related to the sales of products to ultimate users and have nothing to do with recruitment or illegal schemes or the like. But here’s the problem with this argument, there has been and always will be internal consumption in MLMs – it is a constant that can be wholly eliminated from determining if a company is a pyramid scheme because it does not (and never will) answer the question of how an MLM’s bonus structure operates in practice. Moreover, such static survey information fails to capture the true life cycle of these discount customers, who generally quickly become inactive and no longer make any purchases. (See FTC v. Burnlounge, Inc., 753 F.3d 878 at 887, which found that “[i]n practice, the rewards BurnLounge paid for package sales were not tied to the consumer demand for the merchandise in the packages; they were paid to Moguls for recruiting new participants. . . . Rewards for recruiting were ‘unrelated’ to sales to ultimate users because BurnLounge incentivized recruiting participants, not product sales.”)
 
5. Devil’s in the detail. The January 2013 distributor research survey that Herbalife holds up as its golden goose to defend itself against pyramid scheme allegations is largely a mystery as Herbalife keeps the document behind its corporate veil. And while it may not be worth the paper that it is written on, in the end it really doesn’t matter because it cannot prove that Herbalife is or is not a pyramid scheme.
 

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