Indeterminable Reserve Bank of India (RBI) - Part 1 of 2
The Reserve Bank of India (RBI) is India's Central Banking Institution, which controls the Monetary Policy of the Indian Rupee and other banks operating within India. Sometimes, RBI is well known for its stupidest decisions. Last December (2013), under the heading of the new Governor, there was a decision for increase in security by inputting the PIN at POS for transactions. Upto me this is one of the wrong decision take by RBI. A latest statistics quotes that the Debit / Credit Card are owned by 67% of the Upper Middle Class and High Class people across India. Of this the most of them are of high class. Just imagine for each and every transaction would the CEO go down to the cash counter to input the PIN? Or will he get down from the car while fueling up? No for both the cases, he needs to share his/her PIN to sub-ordinates or to the person who serves him. This is a very serious threat. Same way, I was in an average hotel a week ago. I happened to counter one of the balance 33% of...