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How India's banks killed the future of commerce

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Re: How India's banks killed the future of commerce

#51

Post by andrewf »

msravi wrote: post #42
SwaroopH wrote: post #40

Earlier quoted context omitted.

Yes but obtaining a digital certificate requires paperwork as well. And not to forget, renewing it every year (or two).

There's not too good a way to get around that, is there? You do need to establish your identity by some means initially. Perhaps they can let you renew at less frequent intervals (like they do with passports), but other than that, what do you propose?

The Australian Tax Office will send you an assessment notice after you've filed your tax return, confirming what they believe your income and tax for the past year to be.

When filing online, you can obtain a digital cert by supplying the serial number from last year's assessment.

Re: How India's banks killed the future of commerce

#52

Post by train_robber »

goombastic wrote: post #24

This is nothing. Every time somebody finds an easier way of doing things, the government and the babucracy finds a way of muscling in and making it as bad as all the earlier options. Some of it is not bad, but others are nuts. I should start a list. - Vehicles registered in one state cant be used for too long in another state - Banks have insane policies - Online electronic tax filing requires that you complete the p…

> Vehicles registered in one state cant be used for too long in another state

They can, if you stay for over 6 months you have to pay road tax for the state in which you are residing.

> Universities don't recognize each other between states

Universities are recognized by the Central government not by the states, all recognized universities remain recognized throughout India. (http://en.wikipedia.org/wiki/University_Grants_Commission_%2...)

Re: How India's banks killed the future of commerce

#53

Post by AlexandrB »

microarchitect wrote: post #3

Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…

One time I forgot my "Verified by VISA" password.

I was able to reset it on the spot by providing my birthday and some information from the card (CVV and expiry date iirc). So really the only additional information someone needs to use my card now is my birthday (and that's without even going to the trouble of MITM).

Re: How India's banks killed the future of commerce

#54

Post by pilom »

zaidf wrote: post #12
radicaldreamer wrote: post #9

India has a lot of public policy mishaps such as this. It seems that the people making these rules oftentimes don't do adequate research regarding what's feasible for such a large developing, and rapidly changing country. A couple of other examples: There was recently a rule to limit SMS spam by limiting each cell phone to receive a max of 100 texts per day, there still is a rule where you can't entering the country…

India is generally conservative about financial issues. In this case, it puts them on the wrong side. But their conservative approach also shielded India from the banking crisis experienced by US etc. From http://www.nytimes.com/2009/06/26/business/global/26reddy.ht... “If America had a central bank chief like Y. V. Reddy, the U.S. economy would not have been such a mess,” Joseph E. Stiglitz, the economist and Nobel…

This is not a conservative approach. This is incredibly progressive! Two-factor authentication (when implemented correctly) is a necessary security measure in the world we live in and more banks should mandate it. Today banks simply would rather pay out for fraudulent charges than have to implement this even though there are incredible externalities for customers when their cards are stolen.

Re: How India's banks killed the future of commerce

#55

Post by random42 »

roel_v wrote: post #28
random42 wrote: post #8

Earlier quoted context omitted.

> because they can now wash their hands off the matter ("hey only the customer knew the second password... he must have been careless with it, not us") Seems pretty valid argument to me.

Rather than downvote it's easy to factually counter your argument: it's not because e.g. keyloggers or mitm attacks can compromise the account. Then afterward, the 2-factor auth is used against the customer as a smokescreen - basically banks say 'oh but we've got this very secure system, it can't be cracked'. Then you have to get into a very technical argument with the bank, which is either hard to win (because only…

Thanks for not downvoting (and explanation). I certainly wasn't trolling with my comment.

Re: How India's banks killed the future of commerce

#56

Post by SwaroopH »

msravi wrote: post #42
SwaroopH wrote: post #40

Earlier quoted context omitted.

Yes but obtaining a digital certificate requires paperwork as well. And not to forget, renewing it every year (or two).

There's not too good a way to get around that, is there? You do need to establish your identity by some means initially. Perhaps they can let you renew at less frequent intervals (like they do with passports), but other than that, what do you propose?

True that. MTNL was surprisingly efficient though. Accepted online payment (&cheap) + least paperwork; I signed up for a 2 year certificate.

Re: How India's banks killed the future of commerce

#57

Post by bluesnowmonkey »

AlexandrB wrote: post #53
microarchitect wrote: post #3

Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…

One time I forgot my "Verified by VISA" password. I was able to reset it on the spot by providing my birthday and some information from the card (CVV and expiry date iirc). So really the only additional information someone needs to use my card now is my birthday (and that's without even going to the trouble of MITM).

And if they have your credit card, they probably have your driver license or other something else with your birthday. Either they stole your purse/wallet, or they're a merchant and could ask to see your ID when you used the card.

Re: How India's banks killed the future of commerce

#58

Post by known »

Zakuzaa wrote: post #43
known wrote: post #39

Earlier quoted context omitted.

85% of Indian economy runs on black money because 85% Indians do not have any bank a/c

Source?

http://goo.gl/IbHu

"In the United Kingdom, about 5 per cent of the population do not have bank accounts. In Australia, about 7-8 per cent of the population do not do banking.

In India, there are a total of 31 crore (Rs 310 million) savings bank accounts, but given the number of multiple accounts, the number of people having savings bank accounts cannot be more than 20 crore (Rs 200 million).

This means around 85 per cent of India's population does not have access to financial services in a cost-effective, transparent and fair manner."

Re: How India's banks killed the future of commerce

#59

Post by goombastic »

train_robber wrote: post #52
goombastic wrote: post #24

This is nothing. Every time somebody finds an easier way of doing things, the government and the babucracy finds a way of muscling in and making it as bad as all the earlier options. Some of it is not bad, but others are nuts. I should start a list. - Vehicles registered in one state cant be used for too long in another state - Banks have insane policies - Online electronic tax filing requires that you complete the p…

> Vehicles registered in one state cant be used for too long in another state They can, if you stay for over 6 months you have to pay road tax for the state in which you are residing. > Universities don't recognize each other between states Universities are recognized by the Central government not by the states, all recognized universities remain recognized throughout India. ( http://en.wikipedia.org/wiki/University_…

Welcome to India, experience teaches you more than what the documents tell you. Given the downvotes, I need to explain.

Vehicles why do you even need to pay across multiple states, pay once, get it to run across India. I don't see a justification for state by state rules on how you use your vehicle. Instead you get cop-stopped, you get questioned, and let off by the usual methods, you know which.

Yes, universities are recognized, but I know from experience that some state universities do not recognize courses from the University of Delhi. Been there and lost 2 years fighting the system, the bitterness doesn't go away.

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