Banks not ready to withdraw prepayment penalty
CCI sent notices to banks and other financial institutions asking clarifications about why they charge penalty from the customer when he wants to foreclose it. Banks justified saying otherwise people will switch banks very frequently and it will result in higher lending risks.
I think this reasoning and this charge is absolutely insane. If a customer is prepaying the loaned amount either by its own pocket or by transferring the loan to another bank, it means it is paying you all back the entire principal and has already paid you all the interest for the time it has used your money. Now onwards, there is no risk that this customer will default. Plus, bank now can again lend this money to someone else and start earning interest again.
All banks try to give teasers rate to lure new customers but never care for existing customers. This policy is one of the tools that assist them in same. Prepayment penalty should be withdrawn completely so that old customers are also taken care of as well as banks/financial institutions want to lure new customers.
Wednesday, February 3, 2010
Tuesday, February 2, 2010
We Indians - Part 2
Emily is one of my first blogger friends, and somehow very special. I have never met her or even talked to her, but I feel a connection with her. Even in the days when I am running super busy, I login into GR at least once in a day, just to get update from her, Canadian Saver, and Saving Savvy Pinky.
In one of her recent post, Emily mentioned how she finds Indians to be cheap when she is doing business with them. I am an Indian my self and after reading her post, felt bad because I kind of agree with her. I agree that Indians are miser people and sometimes lack the basic etiquettes regarding money and business. And no, this confession doesn't mean that I am not proud to be an Indian, I am still proud to be an Indian. I love India. In fact, I think only an Indian can take the genuine criticism so well and apologize.
But question is why Indians are like that?
My personal opinion on this:
Most of us have been kids to the generation who has seen partition. Our parents or grand parents used to be rich in Post-Independence India, but literally lost every thing and started from scratch in mid of their lives. Trust me; it's not the easy thing to do. They have seen the survival problem at a ground level. And you know what, when it comes to survival, there are no etiquettes. There is no mutual gain theory; it's only me that matters. That's a scientific fact.
After losing everything that they once owned, also some of the loved one's, these guys started from scratch. They literally were homeless, foodless and clothes less at one time and started from there. In this process, they saved every penny and tried to stretch every penny to its last level. That is why something that is free still salivates some of them.
But it doesn't mean that we all are like that. Indians are very warm people. They still value relationships more than money. And I am sure, as we grow out of this partition generation, we will be more etiquettes breed.
P.S. These are my opinions. I am not trying to make any judgment here.
In one of her recent post, Emily mentioned how she finds Indians to be cheap when she is doing business with them. I am an Indian my self and after reading her post, felt bad because I kind of agree with her. I agree that Indians are miser people and sometimes lack the basic etiquettes regarding money and business. And no, this confession doesn't mean that I am not proud to be an Indian, I am still proud to be an Indian. I love India. In fact, I think only an Indian can take the genuine criticism so well and apologize.
But question is why Indians are like that?
My personal opinion on this:
Most of us have been kids to the generation who has seen partition. Our parents or grand parents used to be rich in Post-Independence India, but literally lost every thing and started from scratch in mid of their lives. Trust me; it's not the easy thing to do. They have seen the survival problem at a ground level. And you know what, when it comes to survival, there are no etiquettes. There is no mutual gain theory; it's only me that matters. That's a scientific fact.
After losing everything that they once owned, also some of the loved one's, these guys started from scratch. They literally were homeless, foodless and clothes less at one time and started from there. In this process, they saved every penny and tried to stretch every penny to its last level. That is why something that is free still salivates some of them.
But it doesn't mean that we all are like that. Indians are very warm people. They still value relationships more than money. And I am sure, as we grow out of this partition generation, we will be more etiquettes breed.
P.S. These are my opinions. I am not trying to make any judgment here.
Let's make Ball Tampering LEGAL
Yes I am still running super busy now-a-days but I couldn't control myself.
Shahid Afridi suggests that "Ball tampering should be made legal."
Yes, I think he has a point. Few other things that should be legalized along with that are:
1) Cheating in exams, copying from others sheet or even straight from books, all do cheat sometime.
2) Stealing as every one needs/wants few things that they can't afford.
3) Killing the other person in argument as everybody gets angry while arguing.
Sir, there is only difference between human's society and other species society, and it is that we have some rules that we all must abide so that things run smoothly for everyone, so that things are fair for everyone. Is this really not so obvious to you?
Shahid Afridi suggests that "Ball tampering should be made legal."
Yes, I think he has a point. Few other things that should be legalized along with that are:
1) Cheating in exams, copying from others sheet or even straight from books, all do cheat sometime.
2) Stealing as every one needs/wants few things that they can't afford.
3) Killing the other person in argument as everybody gets angry while arguing.
Sir, there is only difference between human's society and other species society, and it is that we have some rules that we all must abide so that things run smoothly for everyone, so that things are fair for everyone. Is this really not so obvious to you?
Monday, February 1, 2010
No Pakistani Players in IPL 2010 - Purely Business Call
IPL-3 started with a controversy.
None of the Pakistani players were chosen by any of the IPL teams, though later few teams confessed that they initially wanted to get some of the Pakistani players but refrained because it was a consensus decision to not bid for any Pakistani player.
Well, I personally see this as more of a business move rather then any boycott. India is suffering from terrorism from so many years. Every time a new terrorist attack occurs, something like 26/11 Mumbai attacks, some bomb blast, India will strict its rule and not issue Visas to Pakistanis.
And if any such attacks occur before IPL commences, who will compensate the teams who have these players in their teams?
Why should any team take such a risk? I will never take this risk if given a choice.
And no I don’t see this as any boycott of Pakistani talent. We don’t discriminate based on nationality. Just for the fact, Rahat Fateh Ali Khan is winning so many film awards this year for his song in Love Aaj Kal.
P.S. These are my personal thoughts on this issue.
None of the Pakistani players were chosen by any of the IPL teams, though later few teams confessed that they initially wanted to get some of the Pakistani players but refrained because it was a consensus decision to not bid for any Pakistani player.
Well, I personally see this as more of a business move rather then any boycott. India is suffering from terrorism from so many years. Every time a new terrorist attack occurs, something like 26/11 Mumbai attacks, some bomb blast, India will strict its rule and not issue Visas to Pakistanis.
And if any such attacks occur before IPL commences, who will compensate the teams who have these players in their teams?
Why should any team take such a risk? I will never take this risk if given a choice.
And no I don’t see this as any boycott of Pakistani talent. We don’t discriminate based on nationality. Just for the fact, Rahat Fateh Ali Khan is winning so many film awards this year for his song in Love Aaj Kal.
P.S. These are my personal thoughts on this issue.
A Quick Update
I am once again super busy now-a-days.
Last time I got this busy, it took me almost 10 months to come up with a new post.
I don't want this to happen once more.
I am scheduling some of the non-pf articles along with some PF articles for coming days. Hopefully by the time they get exhausted I will have little space to breathe and write.
My latest Want: IPAD
Yes, that's right. I want an IPAD.
From the day I saw it's launch, I am dreaming of owning one.
Now everytime I watch movie, listen to music or read an E-Book, I want IPAD more.
It's so sleak and coooooooool.
Who all are awed by IPAD?
Raise your hands.
I have raised both of mine. :)
From the day I saw it's launch, I am dreaming of owning one.
Now everytime I watch movie, listen to music or read an E-Book, I want IPAD more.
It's so sleak and coooooooool.
Who all are awed by IPAD?
Raise your hands.
I have raised both of mine. :)
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