All things Money Thread


Super User
Now this Nirav Modi doing vanishing act like Vijay Mallaya.

He has left India under very nose of Narinder Modi,
and was recently seen at Devos
with him.

He has defrauded PNB for more then Rs. 11000 crores.

Interpol will have to look for him in New York as his wife is US citizen.


Rs 115000000000/- ka fraud hone tak bank ko kuch nahi pata chaltaa..

Lekin monthly average balance kam hote hee sms bhejna barabar yaad rehta hai.....!!

Big Daddy

Super User
It is not that banks do not notice, it is that India still uses primitive class-based methods to approve loans without much verification on the capacity of a client to payback.

Mallaya walks into a bank and asks for money, and banks give him the money because he is "Mallaya." As a result, these guys put so much time in showing off because this showoff is what gets them loans until the loans add up so much that people run away from India.

These bad debts are going to slow down Indian economy, raise inflation and increase the tax burden on everyone because most banks are nationalized. Higher taxes and bank fees are how banks are going to recover these bad loans.


Super User
It is not that banks do not notice, it is that India still uses primitive class-based methods to approve loans without much verification on the capacity of a client to payback.

Mallaya walks into a bank and asks for money, and banks give him the money because he is "Mallaya." As a result, these guys put so much time in showing off because this showoff is what gets them loans until the loans add up so much that people run away from India.

These bad debts are going to slow down Indian economy, raise inflation and increase the tax burden on everyone because most banks are nationalized. Higher taxes and bank fees are how banks are going to recover these bad loans.
Money has gone now and there was one Private Bank too, Axis Bank.
It was Bailed out in time as it's liabilities were transferred to a Nationalised Bank just before news broke out.

It seems old Ancient Indian system of Hundi transaction is simply followed by banks. In this medivial
system, signed letter is enough to obtain cash from those who honour the paper maybe a overseas Party.
Long Chain of People will honor the paper Hundi, without bothering to check with original issuer of Hundi in India.

Btw Were is all money now and what is Nirav and Party doing with this ill gotten wealth.
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Big Daddy

Super User
Most likely the money is spent on buying and renovating overseas properties. Whatever is left was probably used for travels. These guys build wealth outside India to avoid Indian government seizing any assets.

He kept on getting extensions from banks, and he even ran away from India on tax payer funded trip.

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Paytm head Vijay Shekhar Sharma accuses WhatsApp of unfair play, wants govt to step in
Mugdha Variyar
Madhav Chanchani
, ET Bureau|
Updated: Feb 15, 2018, 07.01 PM IST

BENGALURU: Vijay Shekhar Sharma, the founder of India’s largest digital payments company Paytm, will petition the architect of the country’s unified digital payment system (UPI) for redressal of what he termed as an unfair playing field accorded to messaging service provider WhatsApp, which has begun testing its payment service in the country.

WhatsApp trial service launched in India last week does not require a log-in session and Aadhaar-based payments. Sharma said he will approach the National Payments Corporation of India (NPCI), which has developed the UPI system, and even higher authorities to highlight this issue.

Owned by Facebook, WhatsApp boasts a monthly user base of 200 million in India and its entry into the country’s digital payment space threatens to upend the pecking order.

“Facebook is openly colonising our payment system and is customising UPI to their benefit. UPI was built as an India Stack, now some American monopoly arm-twists UPI for customer implementation,” Sharma told ET.

Sharma added that lack of a login makes WhatsApp payments a security risk, akin to giving an “open ATM” to everyone. “How can you give such a security risk just in the name of underwriting that banks have given. WhatsApp is used by gullible Indian consumers far more than any other application in this country,” said Sharma.

He also questioned the fact that WhatsApp was allowed to start a pilot with lakhs of customers, while it should have been with 5,000-10,000 customers. People close to NPCI have said that it will implement all the required features when it goes live for its entire consumer base, which is expected by the end of March.

Representatives for Paytm confirmed that WhatsApp’s vice-president Neeraj Arora has stepped down from the board of Paytm, a position which he held since 2015.

Email queries sent to WhatsApp and NPCI did not elicit aresponse at the time of filing this article. NPCI has 10 core promoter banks, including State Bank of India, Punjab National Bank, Bank of Baroda, ICICI Bank, HDFC Bank and HSBC. In 2016, the shareholding was broad-based to 56 member banks.

WhatsApp’s entry, backed by deep pockets of Facebook, comes close on the heels of search giant Google’s launch of its payments service Tez last year, making India the first market in the world where the global technology giants including Amazon are competing for market share. Sharma clarified that he is not taking a stand against overseas companies, but asking for “a level-playing field” against competitors. His firm, last valued at about $10 billion, counts China’s Alibaba and Ant Financial besides Japan’s SoftBank as key shareholders.

“This is not about Indian companies versus international companies. India is an open internet economy that welcomes every company that plays fair,” he said.

An industry executive aware of WhatsApp’s payments product has rebutted Sharma’s claims. “While NPCI has advised UPI apps to have login sessions, it is not compulsory. Even other apps that use UPI, like Ola and Uber, don’t have login sessions,” the person said, adding that WhatsApp has a session management in its app which needs to be customised to UPI guidelines.

Another executive in the payments space said that while security is not a big concern given that users will need their UPI PIN to transact, WhatsApp has been given leeway to make customer experience better which was not allowed to other companies. These features, he said, add friction to the customer experience of the apps developed by other players compared to WhatsApp.

“WhatsApp is auto creating IDs, not letting me edit and post to a VPA (a UPI handle) easily, not doing scan and pay in UPI QR codes and it is not interoperable,” said this executive on the condition of anonymity.

Digital entrepreneurs were critical of Sharma’s stance.

“WhatsApp has done a good payments app and other incumbents are just spreading fear,” said Amrish Rau, India head of global payments firm PayU. “These are just market gimmicks. WhatsApp is following the usual process for UPI. Spreading rumours is not helping Digital India,” he added.

In a response to comments made by rivals, Sharma said that his company along with Google’s Tez are the only players who are large enough to matter.

“Paytm is the majority transaction driver of UPI followed by Google. Everyone else is (small),” he said.

Industry body Nasscom said that it hopes that there will be a level playing field going forward. “I would expect that the core principle of UPI — seamless interoperability (the U stands for Unified!) —will be respected and interoperability will be more clearly and visibly supported by WhatsApp going forward. It is early days and the product is in beta or pilot,” said Prasanto K Roy, vice-president of Nasscom’s Internet Council.

Paytm head Vijay Shekhar Sharma accuses WhatsApp of unfair play, wants govt to step in


This is a trend now, most apps are integrating UPI system in their own system.

ICICI Bank partners with Truecaller to launch a UPI based mobile payment service

March 28, 2017

  • Integrates Unified Payments Interface (UPI) in Truecaller app; available to 150 million customers of Truecaller app
  • Any user, including non ICICI Bank customers can send money from the app
  • First bank globally to associate with Truecaller in their foray into financial services

Mumbai/New Delhi: ICICI Bank, India’s largest private sector bank by consolidated assets today announced its partnership with Truecaller, a leading Swedish communication company and India’s third most used app to power a new UPI based mobile payment service. Christened ‘Truecaller Pay’, it will allow millions of users of the app in the country to instantly create a UPI id, send money to any UPI id or a mobile number registered with the BHIM app. It will also enable users to recharge their mobile number from within the Truecaller app itself.

This partnership makes the Truecaller-ICICI Bank platform among India’s largest mobile payment platform with 150 million customers of the app gaining access for UPI based payments. Any user of Truecaller app, including non-ICICI Bank customers can link their bank account of any bank (participating in UPI) to create a UPI id and instantly make payments in a safe and secure manner

ICICI Bank is the first bank globally to partner with Truecaller in their maiden foray into the financial payments services space.

Abonty Banerjee, Senior General Manager & Head – Digital Channels, ICICI Bank said, “At ICICI Bank, we always aim to be at the fore-front of creating path-breaking solutions to leverage on emerging technologies. In keeping with this legacy, the Bank played a pivotal role in conceptualising UPI as an initiative along with NPCI and was the first bank to introduce UPI in its mobile app. We are delighted to offer our UPI platform to Truecaller which is one of India’s most widely used mobile application. With this new service, users will get the benefit of making quick and easy payments to any mobile number registered with the BHIM app, thereby enabling them to reach out to a wider section of people. Additionally, users can also undertake payments for utility services such as pre-paid recharges and post-paid mobile bills at the click of a button. We believe this association shall make UPI payments seamless for a larger audience and will also play a crucial role in strengthening the Government's 'Digital India' mission.”

Nami Zarringhalam, CSO and Co-founder Truecaller said, “We are very excited to launch Truecaller Pay together with ICICI Bank and as a first stop we will offer peer-to-peer solutions right from your contacts as well as recharge happening naturally from your dialer and SMS app. For close to a decade now, we have reiterated the immense benefits of mobile identity and how it really opens the world of opportunities. Our focus throughout has been to solve daily life problems of our users and in current context, it has been our users’ expectation for us to bring forth a secure and easy to use payment option that could be integrated within their most used app. As our users in India on board digitally and benefit from our platform, we also want to contribute to the country’s mission of going cashless.”

Mr. Dilip Asbe, Chief Operating Officer, NPCI said, “NPCI would like to appreciate ICICI Bank and Truecaller for leveraging state-of-the-art UPI technology for enabling secure payments and brining out innovative solution for customers. This remarkable development will encourage more large players in the ecosystem to adopt UPI faster.”

‘Truecaller Pay’ can be accessed conveniently via the ‘Send money through UPI’ tab on Truecaller app’s profile page. The service comes with best-in-class security features from ICICI Bank. All transactions of ‘Truecaller Pay’ powered by ICICI Bank follow two factor authentication as per RBI guidelines for secure transfer of money. All sensitive data relating to account details, card details information of users as well as transfer of monies will be securely handled and stored in the state-of-the-art servers of ICICI Bank in line with NPCI and RBI guidelines.

Customers of any bank can instantly start using ‘Truecaller Pay’ with a one-time registration to create a new UPI id or add an existing ICICI Bank VPA seamlessly. On the completion of the one-time registration, users can instantly send money to any UPI id or mobile number, browse the recharge plan of various telecom operators and recharge their prepaid mobile or pay their postpaid mobile bills.

Pay instantly using Truecaller Pay in three simple steps:

  • Download/open Truecaller app. Tap on ‘Send money through UPI’ in the profile page
  • Enter UPI id / mobile number of the recipient and amount > Click on ‘Pay’
  • Enter UPI PIN to authenticate

To know more, visit Truecaller Pay - Online Money Transfer - ICICI Bank

The partnership with Truecaller comes close on the heels of a slew of technology-led innovative initiatives and services by ICICI Bank recently to accelerate digital transactions in the country. These include the announcement of the creation of ‘100 Digital Villages’ in as many days, launch of ‘Eazypay‘ – India’s first mobile app for merchants to accept payments from various digital modes. The Bank is among the front- runners in deployment of UPI in the country. UPI is available on its two mobile banking applications, ‘iMobile‘ and ‘Pockets‘. It has also announced a host of merchant partnerships to further enhance the usage of UPI in the country.

The Bank services its large customer base through a multi-channel delivery network of 4504 branches, 14146 ATMs, call center, internet banking (, mobile banking and social media banking (as at December 31, 2016).

For news and updates, visit and follow us on Twitter at

About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 144.7 billion at September 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.

For media queries, write to us at: [email protected]

About Truecaller: People use Truecaller to stay ahead. It helps them know who’s getting in touch, filter out unwanted and focus on what really matters. The company provides a suite of unique services such as a dialer that offers caller ID, spam detection, messaging and more. Truecaller’s mission is to build trust everywhere by making communication safe and efficient. Headquartered in Stockholm, Sweden, the company was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Investors include Sequoia Capital, Atomico and Kleiner Perkins Caufield Byers.

About NPCI: National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India and was envisaged by the Reserve Bank of India (RBI) as the payment utility for all banks in the country. Unified Payments Interface (UPI) is a unique payment solution as the recipient is now empowered to initiate the payment request from a smartphone. It facilitates “virtual address” as a payment identifier for sending and collecting money and works on single click 2 factor authentication. The interface is the advanced version of NPCIs Immediate Payment Service (IMPS) which is a 24*7 funds transfer service. Visit:

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

ICICI Bank | ICICI Bank partners with Truecaller to launch a UPI based mobile payment service

Truecaller Pay - Online Money Transfer - ICICI Bank


PNB Scam करने वाले Nirav Modi का क्या है प्रधानमंत्री और अम्बानी से रिश्ता l Narendra Modi | Ambani



Don’t get tricked into the minimum payment scheme of credit cards; here’s why

Are you a credit card user and tend to rely on it for your monthly expenses? If yes, here's a Twitter thread that briefly explains how the minimum payment feature provided to the customers is not as beneficial as it looks.

Written By Anjali Jha | New Delhi |

Updated: March 9, 2018 10:33 pm

The Internet is a treasure trove of information — some misleading, and some useful — just like this Twitter thread that caught our attention. Twitter user @jagdishjojawar, who is a software engineer based in Bangalore, did some brainstorming and jotted down a serious calculation about banks that offer minimum payment on credit cards and how it takes years to repay the loan amount. While talking to, Jagdish Jojawar said that the whole idea of creating this thread and explaining everything about credit card payment methods and interest amount came up when his close friend faced a financial crisis.

Narrating the story, Jojawar said, “It so happened that one of my close friends lost his job for around six months and met with an accident and injured his tailbone, he went under heavy debts. Maintaining a family of two kids and wife along with a home loan naturally, his expenses took a rise due to which he used a credit card and had to take personal loans.”

“As he was falling short of money, he only paid the minimum due amount mentioned by the bank. Soon, his total EMI that he had to pay to the bank was way more than his salary, and I provided him with some financial support,” he added. Seeing his friend in trouble, Jojawar contacted the bank officials to learn how the minimum pay system works.

“I was shocked to see the interest rates that are put on the remaining amount after paying the minimum due. I even asked the bank officials, how many months or years it takes to pay the credit card amount if one just pays the minimum amount every month. But, the bank guys did not reveal it,” he said.

He specified all of it in a Twitter thread. Read on for more clarity to know about the “wonders” of using a credit card.

Don’t get tricked into the minimum payment scheme of credit cards; here’s why