What loopholes in the banking system did Vijay Mallya exploit?
I am writing something which I am sure will face lot of opposition. Vijay mallaya had been a Playboy , born rich . I don't know how his father became a liquor Baron but it is quite natural that son also wanted to show off his skill.Kingfisher was playing with surrogate advertisement s when Beer was prevented from advertising. They were showing Kingfisher mineral water ,but it [actual mineral water ] was no where to be seen.Some how around this time govt allowed private airlines to operate. Jet airways was doing well. The Playboy wanted to show off by displaying kingfisher brand in sky. “You Can blame me if i show mineral water , so I will put Kingfisher brand in air plane “, the Playboy must have misjudged the challenges in operating an airline .[just because] By keeping good looking air hostess people were not willing to pay from their pockets. Overall kingfisher airways plunged into loss spiral. Playboy started killing economy airlines[ Air Deccan ] as they were eating into his profit. Kingfisher business model did not fit into Indian outlook. May be the Playboy did not intentionally plan to cheat . [ This probably could save Banks from misdeeds]. But when his plans failed he should have been honest and returned the money he borrowed. Running away spoiled everything. I have written some portion , but what he could have done in any other way , if any experts can say , I am all ears. Please don't be angry with me. I am not saying VM is right , but apparently many people borrow loan to buy apartments, they [some people] don’t pay emi and Banks take over property. Here the Banks are still ,sort of , doing it with VM’s assets.
Do I have to pay interest for my education loan while I am studying?
Yes. Otherwise your interest adds up in a cumulative manner with the principal and you pay back much more. Moreover, any term loan with a moratorium has its interest to be serviced during the repayment holiday, failing which the account becomes NPA.
What is the difference between OD and CC in banking? And is there difference industry wise?
Overdraft is a limit is extended in your current account allowing you to withdraw any amount up to the sanctioned limit. Interest is charged on the amount used on a daily outstanding basis.A credit agreement made with a bank or financial institution that permits an current account holder to use or withdraw more than they have in their account, without exceeding a specified maximum negative balance. Establishing an overdraft facility with a bank can help a bussiness with shot term cash flow.Cash credit is an arrangement under which a customer of a bank or financial institution is allowed an advance up to certain limit against credit granted by bank.In Cash Credit facility an amount of loan is given to the borrower/businessman for his working capital needs.This is as per RBI rules. The amount of loan to be given is decided on the basis of different types of methods like MPBF (Maximum Permissible Bank Finance) suggested by Tandoon Committee or other methods. These methods use formulae which take into consideration actual working capital required.
I have taken a personal loan of around 4 Lakhs from HDFC bank and I've been paying EMI on time for the past 6-7 months. However I'm not around be to pay it this month due to other expenses. Would defaulting on one month's payment take me to court?
Nobody takes to the court for one month’s default. So don’t worry on that account. You do will get calls when you default on one month’s payment. Most of the pvt banks will be aggressive with the defaulters, especially if you are a first timer ( first time defaulters will be more afraid and vulnerable and the threat normally works - they somehow collect the amount and pay off the dues ) Seasoned defaulters (people who own and defaulted on multiple credit cards, auto loan, more than one personal loan) will be handled in a different way.Now, coming back, please understand that, if you took a loan you do have to payback as per the agreement terms. If you cannot make one months payment on due date it is ok. Ensure that it is paid atleast before the next month’s due. You can carry over like this for few months till the situation eases and you are back to the normal payment cycle.Two months continuous default will result in more calls - increasingly aggressive and sometimes abusive. Third month default will result in your loan become a NPA (non-performing asset for the bank) and the banks will employ collection agents for the recovery. You will start feeling that customer care call agents are angels compared to the collection agents.You can buy some time with the collection agents by paying some partial amounts and get some more time and then settle all the dues.
in case of wrong password, ATM declines payment, in case of husband, wrong password is corrected and payment released . Regards,
What are some of the interesting facts about India?
1- If you’re good at something, the Indian parent will ask you to prepare for an Engineering Entrance Examination. 2- The sole purpose of having kids in India is so that they can come first in school and make their parents proud in front of their relatives. 3- ‘Bhaad’ is the most visited place in India.4- In India you have to look both ways to cross a one way road. 5- Sarcasm is like electricity, only half the Indians get it.6- In India, even exceptions run into millions. "Being one in a million in India means that there are 1241 Indians just like you!"7- Success is relative. More the success, more the relatives. 8- The only country where people fight to be termed 'backward'.9- In India, every God has its day! Country where people worship "goddess" for a "son"!!10- Indians, they don't cast their vote, they vote their caste."11- A country where two types of curse may happen with child when he is born1. Polio2. General category.12- In India we have two birthdays, official and original. 13- In India, the size of a queue is measured by its area and not the length. A country where distance is measured in minutes rather than kilometers.The standard reply to "How far is that place?" is "5 - 10 minutes". 14- A country where Éclairs and Melody are given as "change". 15- In London, they drive on left while in India, they drive on what is left. 16- Everyone needs magic but not logic. That's why Babas are more famous than Scientists.17- When its scientific prowess is under question, India reminds the world about the invention of zero. 18- They think not eating non veg. and drinking alcohol on Tuesdays and Saturdays will exonerate them from all bad they have done in their lives...19- In India, if you throw a stone randomly on a street, it will either hit a dog, or an engineer. 20- In India, you bribe the government to call yourself economically backward.