News ← My Thoughts

Dennis Ritchie – An obituary

Oct

14

2011

First time I heard the name Dennis Ritchie was in my 2nd year in Engineering when we had the computer lab on C programming. When I started to learn and understand the power & usability of C, i was amazed what it could do. Dennis Richie had created a marvel way back in 1970s that ...

NEFT/ RTGS Charges Changed

Nov

9

2010

RBI has announced the change in Charges for NEFT & RTGS w.e.f. 15th November 2010. The revised charges are as below: RTGS – New Minimum limit = Rs.2 Lakhs Amount Charges 2Lakhs – 5Lakhs Rs.25/- Above 5Lakhs Rs.50/- NEFT Amount Charges Up to 1Lakh Rs.5/- 1Lakh – 2Lakhs Rs.15/- Above 2Lakhs Rs.25/- According to RBI ...

NEFT/RTGS/ECS – Credit/Debit Solely based on Account Number

Oct

28

2010

RBI has issued new guidelines for credit of inward fund transfer for NEFT/RTGS/ECS Credit and debit in case of ECS Debit. To ensure straight-through processing and quicker credit/debit and return, RBI has allowed banks to credit the incoming NEFT/RTGA/ECS solely based on the account number in the instruction. Beneficiary Banks are not required to manually ...

China opens New Shanghai-Hangzhou high-speed rail Line

Oct

26

2010

Just read a new update on China opening a new High-Speed Rail Line between Shanghai & Hangzhou. It was amazing to see the country progress so well – building high-speed rail networks to transport people across the country. But 2 things caught my eye: 1. The Current time taken to cover this distance of 202KM ...

Banking without Charges?

Sep

2

2010

Surprise! Surprise! Surprise! – An announcement from a IDBI Bank has taken me by surprise. IDBI Bank has decided that henceforth it’s savings account & current account holders will not incur any charges other than Cheque Return Charges. This is surprising given that the bank used to charge for online NEFT fund transfers also even ...

Interest on deposits in Saving A/c – Change in Rule – Benefit for A/c Holders

Apr

22

2009

RBI’s Annual Policy Statement 2009-10 released yesterday (21st April) includes the following “(b) Payment of Interest on Savings Bank Account on a Daily Product Basis 88. At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of ...

Refund of Wrong Debits in ATM

Feb

13

2009

At some point of time or other, most of us would have had a bad experience at the ATM when the amount we key-in does not come but is debited from the A/c. In most cases, the reversal happens in the next few days and we anxiously wait for the reversal after following up with ...

India’s Per Capita Income

Feb

10

2009

Rs 38,084/- That is the Per Capita Income of Indians in FY2008-09, i.e., on average every Indian ‘s annual income is this amount. What can you do with Rs.38,084? With the current retail prices I believe you you will find it tough to live in an Indian City. Most of the people I know will ...

Satyam Saga Ends

Jan

7

2009

Shocking disclosures by CEO Ramalinga Raju today. The Letter to the board had disclosures about false revenue and profit figures. Shocking indeed. The facsimile is attached for your reading. (Raju’s Letter)

Go Green! – Save the Planet or Cost Cutting

Jan

6

2009

What is the real reason behind the active “Go Green” Campaign by many Companies (esp. in the Financial Sector in India)? Do they really want to help Save the Planet? Most “Go Green” Campaigns by the Financial Sector Companies start with sending Email statements to their customers – be it banks, Mutual Funds or Credit ...