India's Plan to Bring Digital Banking to 1.2B People • Hacker News Board

Re: India's Plan to Bring Digital Banking to 1.2B People

#51

Post by Nano2rad » Sun, Apr 17, 2016, 3:31 PM UTC

People were forced to get UID by misinformation. The people were led to believe it was compulsory. Only by intervention of the supreme court, the govt was forced to admit it was optional. This was introduced undemocratically without legislative back up with an executive order. An example of corporate insensitivity to democracy. BJP pretended to be against UID before election. Now they have conveniently forgotten their stand.

Now there is legislation for UID, but this was introduced by deception. It was introduced as money bill in parliament, so that rajyasabha could not discuss it(BJP has majority in loksabha). Money bill can only deal with govt finances but it is now used to give approval for data collection, which needs constitutional amendment in a real democracy. This is again undemocratic and fascist. The stated aim of biometrics was to avoid duplication. but by insisting on 10 fingerprints and iris, the real aim is data collection itself. But they are really not sure UID biometrics is enough to avoid duplication, there is condition like you can only apply for it once. UID is successful by deception, ignorance, and undemocratic methods.

Re: India's Plan to Bring Digital Banking to 1.2B People

#52

Post by signal11 » Mon, Apr 18, 2016, 3:28 PM UTC

catchmrbharath wrote: post #25

woodandsteel wrote: post #12

Seems like India is leap-frogging way past where the U.S. financial system is. On the other hand, I worry if all this personal ID data got hacked.

India is way ahead of the US financial system. I am a student here in US and I can't really fathom how bad the US financial system is. - Intra bank wires / transfers are free and happen within 10s - Cheques are free - You don't have a system where you can lose all your money if you give your handwritten cheques to somebody (who came up with echeques anyway?) - You don't get charged to have a checking account. They pa…

A lot of Indians frequently mention "message for every transaction" as a positive. I see it as a negative. Cash use is declining in most European countries, and if I had to use 2-factor every time I paid for a pack of gum with my card I'd go nuts. Instead my card providers provide risk-based alerts, e.g. when I shop at a new place (I recently received an alert while ordering furniture at a new online store). Overall fraud rates are pretty low in Europe, so this probably works out okay for both customers and card providers.

That said, given how much malware there is on the average Indian PC/phone, perhaps two-factor makes more sense there.

Re: India's Plan to Bring Digital Banking to 1.2B People

#53

Post by softEngg » Mon, Apr 18, 2016, 6:54 PM UTC

prebrov wrote: post #41

prebrov wrote: post #22

Here's an anecdote about India. They started requiring customer authorisation on all card transaction recently (signature doesn't cut it and no Paywave for you). There were reports on how that that forced Uber to use local payment gateway. Anyway, couple months ago I was in Chennai, went to a restaurant with a customer and when the bill came which customer didn't give me a chance to pick up, they handed over a card A…

Thanks for clarifying, peeps! As you understand, I'm selling it at what I bought it for, merely retelling what I've been told. In this particular case, bill was definitely more that $20 and to my knowledge, there was not 2-step auth, just a notification. I definitely seen it more than once and it also does seem to me that wired terminals are still quite common, but I might be wrong since I, naturally, pay with foreig…

> I'd be totally paranoid having to share my PIN even once, ever. I mean, after that some one should be able to withdraw tons of cash and after I see the notification, bank would be in their full right to refuse reimbursement on the grounds that I shared my PIN. And they'd be absolutely right.

Well, most of us have a separate account for making small transactions like these. Even if it gets misused I won't lose much.

Re: India's Plan to Bring Digital Banking to 1.2B People

#54

Post by hackuser » Mon, Apr 18, 2016, 7:24 PM UTC

loeg wrote: post #30

hackuser wrote: post #4

Earlier quoted context omitted.

Why are toothpaste and shampoo "relatively useless"? I believe there are many health benefits to using them. I don't know for sure, however, because I've never tried going without them for long ... let me know how that goes.

Shampoo is maybe useful. Some sort of soap + scalp action, occasionally, is beneficial. Plenty of people in the west don't use shampoo or use it rarely. You don't really need toothpaste. It's the brushing part that's good for removing detritus from your teeth. Edit: Downvote with no comment? How is this comment non-constructive, so I can avoid doing it in the future?

I didn't downvote you, but perhaps somewhat extraordinary claims require a little evidence.

Re: India's Plan to Bring Digital Banking to 1.2B People

#55

Post by loeg » Tue, Apr 19, 2016, 9:19 PM UTC

hackuser wrote: post #54

loeg wrote: post #30

Earlier quoted context omitted.

Shampoo is maybe useful. Some sort of soap + scalp action, occasionally, is beneficial. Plenty of people in the west don't use shampoo or use it rarely. You don't really need toothpaste. It's the brushing part that's good for removing detritus from your teeth. Edit: Downvote with no comment? How is this comment non-constructive, so I can avoid doing it in the future?

I didn't downvote you, but perhaps somewhat extraordinary claims require a little evidence.

They aren't especially extraordinary claims.

https://en.wikipedia.org/wiki/Shampoo#No_Poo_Movement

https://www.quora.com/How-much-less-effective-is-brushing-yo...

Re: India's Plan to Bring Digital Banking to 1.2B People

#56

Post by vinay427 » Wed, Apr 20, 2016, 6:10 AM UTC

maneesh wrote: post #43

catchmrbharath wrote: post #40

Earlier quoted context omitted.

- You don't usually get charged to have a checking account in the US. I have to maintain a minimum balance of 1500$ for the checking account to be free. >> - The lack of interest on most US checking accounts is due to the very low inflation rate and nearly zero federal rate. Adjusted for inflation, what is the interest rate of your Indian checking account? Back in the 70s when inflation was high in the US checking ac…

Pick a different bank. Almost every bank I walk by offers free checking with $100 balance, or even less

Pick an even better bank and you have no fees, non-negligible interest, and free ATM withdrawals with fee reimbursement worldwide. You'd have a hard time finding many other banks in the world that offer that.