Do Banks Earn Money from Net Banking Platform?

 

Have you ever wondered how banks earn, if they do, from your financial transactions on their net banking platform? For example, when we use their net-banking portal to pay bills or transfer money to other bank accounts using NEFT (which is known to be free), do banks earn any money?

I searched the internet sources and while one source gave a simple answer saying net banking is a feature and not a profit center for the banks, further searches told that there is more to the story. 

When you transfer money from Bank #1 (your savings account) to Bank #2 (another of your savings accounts) using NEFT via Bank #1’s NetBanking, Bank #1 does not earn money from your NEFT transaction. NEFT charges (if any) are regulated by the RBI, and banks have made NEFT free for savings account holders, especially after RBI waived processing charges for NEFT/RTGS in 2019. Even Bank #2 (Receiver) does not earn money. The receiving bank is obligated to credit the beneficiary account without charging any fee. The RBI mandates that beneficiaries should not be charged for receiving NEFT/RTGS payments.

So, who might earn (if anyone), from your free NEFT transactions? NPCI or RBI: These institutions operate the NEFT infrastructure and may charge nominal fees to banks, but not to customers.

Why do banks offer free NEFT and online transfers? Even though you don’t pay a fee, banks still have strategic incentives to offer and maintain these services:

1. Customer Retention & Engagement

- Offering free and seamless transfers keeps customers loyal.

- It encourages users to keep their primary banking relationship with that bank, which opens doors for cross-selling: - Credit cards, Loans, Investment products, Insurance, etc.

2. Cost Savings Over Branch Visits

- Digital transactions are far cheaper for banks than handling cash or in-person transactions.

- Encouraging online transfers reduces the load on physical branches and call centers, saving operational costs.

3. Data Monetization & Insights

- Banks gain valuable insights into your spending patterns, preferred merchants, and financial behavior.

- This data helps them: Offer personalized products, Improve risk profiling and target you with relevant offers

4. Float Income (Short-Term Interest)

- Even though NEFT is fast, there can be short settlement windows (especially on weekends or holidays). During this time, banks may earn interest on the funds before they’re credited to the recipient.

5. Regulatory Compliance & Brand Image

- The RBI mandates that NEFT and RTGS be made available 24x7 and encourages zero charges for savings accounts. Offering these services enhances a bank’s reputation and aligns with financial inclusion goals.

6. Indirect Revenue via Partnerships

- Some banks partner with payment gateways or aggregators (like BillDesk, Razorpay) and may earn small commissions on certain types of transactions (e.g., bill payments, recharges).

Bottom Line:

Even if banks don’t earn directly from your NEFT transaction, they benefit indirectly. And they also earn a sum in the form of float income (the interest banks earn on funds that are temporarily in their possession before being credited to the recipient).

- Rahul

Note: This article includes inputs from AI model.

 

A Toy Giraffe and Happy Kids

 

On my way to the office, there's a stretch of road where many nomadic families live in makeshift tent homes along the roadside. They also run shops, mainly selling “toys”. At first, I found it interesting that they had chosen selling “toys” as their business, but after a while it became clear. They have got a little army of their own kids!

I have never cared to scrutinize them, but I see only a few of the men near their shops/tents, perhaps many go out for other vocations. And the women are not seen too, perhaps busy cooking in the backside of their tents. But the children are always jumping around that whole area.

One fine day, I noticed that a man had bought a soft toy “giraffe” from their shop and was trying to put it on his motorbike to carry it home. The “giraffe” was big: like at least two feet tall! I had never seen a giraffe as a toy, and I could never imagine why someone would buy a “giraffe” for a kid. There are all sorts of other popular animals, like elephants, tigers, lions, deer, dogs; all these are popular in the soft toys category. But the man, who was in his late 60s, had bought a giraffe! I remember imagining that a kid was going to be very happy that day, while I passed by.

Another interesting popular thing they are seen selling is “inflatable kiddie pool”. Made of PVC, these can be inflated, and after being filled with water, small kids can sit or play in it. I never saw any such interesting things in my childhood.

Coming back to those nomads. Sometimes I wonder if our world is going in the right direction or wrong. We have people like MS Dhoni or Abhishek Bachchan who got only one kid each, while they can afford to give fabulous lives to a dozen. And on the other hand, we have these nomads and poor people who got no life of their own and their children play in the dirt whole day, but they keep producing children like the world is going to end tomorrow if they don’t. Our Prime Minister wants to make India a developed country A.S.A.P., and our main opposition party wants to do “wealth redistribution” in society. All the while, these poor families keep producing armies of offsprings every year.

Well, I do not have any problem with these kids. They are always nice, and it is always nice to see kids around. It is what they are going to turn out to be after they grow up, worries me. At some level, I think our world would have been a lovely place if kids were going to only play with toy giraffes or inflatable pools. But at some point, they are going to get old and need livelihood and means to contribute to the society. I don’t know how many roadsides they will be able to keep capturing every year, for their tent-houses and toy shops.

I know that in such moments we need to introspect instead of pointing fingers. But at some point, we are going to end both introspecting and finger pointing, and like everything else, we shall vanish in the thin air. At that point, it will not be about what we thought or did, it will be more about what happened or got done by the collective us, while we were around. In the shadow of these thoughts, I find myself feeling more powerless than I ever have before.

- Rahul

"Sir, Abhi Naya Hun", and the Future of Quick Commerce

I am sure we all have faced many types of problems with quick-commerce deliveries and the most annoying problem happens when the delivery person is not able to navigate to the location despite guidance over phone. I have had many instances which put me at wit's end. Once we had to travel in the morning and my wife was doing packing all evening and also into the night, and I said I would order food from my favorite restaurant at Swiggy where my past experiences were great. The delivery guy left the restaurant and took very long time to reach my address and finally brought cold food in a packaging which was totally un-marked with any brands of either the restaurant or Swiggy. I was furious, but now I don't remember if I complained to the customer care or not. 

Last month, I faced a similar annoying delivery boy who took ages to reach my place. He called me 3-4 times to ask for the way while he was showing just 3 minutes away from my place. I tried to cancel the order but since the delivery was out, the platform did not allow me to cancel. I decided to wait till I get the package before I make a complaint. He finally arrived an hour late after multiple phone calls. When he handed me the carry-bag and turned to go back, after a moment he turned and came back to me and said, "Sir, Abhi Naya Bharti Hua Na, To Samajh Nahi Aya, Late Ho Gaya". I was touched and my anger vanished instantly. I even felt guilty of planning to raise a complaint, and I decided to forget the incident. 

Although I do not always feel guilty in such cases where the blame lies on the other person, but I have forgiven these delivery guys for their poor service as a rule. After some experiences, I had realized that these guys are many times new recruits with little training or experience, and many would be from nearby villages, working in a big city for the first time. Many of them are not used to the technology too and also not aware of the localities they have to travel to. Hence, as a practice I try to forgive and move on. 

I have never seen any food delivery company claiming to be excellent in delivery experience, but I am sure there is a hidden mess within their services. Their poor services are hidden behind the shiny colorful brand logos and tiny tapes binding the food packages to keep those intact. Quick commerce is not new by now and we have been using it for years, and it is a miracle that their processes and service still feel like in "year one". A major reason for this would be huge churning of delivery talent, as this job does not provide them with a stable and sustainable career. Over last couple of years I have seen many students and young men into delivering items in the evening, as a part-time job for a couple of hours to fund their expenses. We also see a few women who are working as delivery personnel. If we think of how these people are trying to earn their livelihood, 20 rupees at a time, it is something worth empathizing with. May be just like we collect some of the bad experiences into our memory with time, these delivery people are also collecting their own bad memories. All customers are not well behaved and do not always forgive. Many customers are rude, and they shout and treat them badly too. Therefore, whenever possible for us, we customers can choose to forgive and forget too, for the sake of our overall society. 

These days I am trying to avoid or order less from the quick commerce, and it is a constant struggle. But over last couple of days I have noticed a strange pattern. While handing over the items, the delivery boys who are of younger age, are trying to look inside the house, as if trying to ascertain the wealth, and it felt scary. This has prompted me to take my "avoid quick commerce" and "walk to the shops" initiative more seriously. Only time can tell how successful I am, but sometimes this whole quick commerce model feels so inconvenient for both the customers and the delivery guys both. We can ignore convenience even if it goes against our natural "habit formation", but when it comes to "risks", it is an entirely different thing. 

I think the final word has not been said yet in the success or failure of the quick commerce model. But is it really necessary to push an unsustainable, unhealthy, bad for the environment, stressful and many times inconvenient and risky adventure into making it "the next big thing"? 

- Rahul Tiwary 

Book Review: साँवला सितारा (लेखिका - अनुमिता शर्मा)

 

'साँवला सितारा' हाल ही में प्रकाशित एक 'रोमांटिक उपन्यास' है जिसे अनुमिता शर्मा ने लिखा है। यह हिंदी उपन्यास अंजुमन प्रकाशन द्वारा पाठकों के लिए उपलब्ध कराया गया है और ऑनलाइन पोर्टल्स पर पसंद किया जा रहा है। एक बेहद सुन्दर कवर के साथ प्रकाशित यह पुस्तक 'जेन-ज़ी' को खासकर अपील करती है और 'वैलेंटाइन डे' के उपलक्ष में अत्यधिक प्रासंगिक है।

अगर आपने लेखिका अनुमिता शर्मा की अन्य पुस्तकें पढ़ी हैं तो आप उनके पूर्णतावादी (पर्फेक्शनलिस्ट), कल्पनाशील (इमैजिनेटिव), अनूठे (यूनिक) और सशक्त (पावरफुल) लेखन से परिचित होंगे। वे वर्त्तमान समय के उन महानतम लेखकों में शामिल हैं जिन्हे समाज अभी भी जानने की प्रक्रिया में है और जिनकी प्रतिभा को उचित पहचान मिलना शेष है। उनकी रचनाएँ वास्तविकता और अलौकिकता की सीमाओं से परे, भावनाओं और प्रेक्षणों के एक अद्भुत संसार का सृजन करती हैं। लेखिका भाषा पर सटीक पकड़ और अपनी एक अनूठी अवलोकन शक्ति के सहारे लिखी हुई रचनाओं से पाठकों को निरंतर आश्चर्यचकित करती हैं।

'साँवला सितारा' विषयवस्तु में एक 'रोमांटिक उपन्यास' ही है और आजकल युवावर्ग में लोकप्रिय हो रहे मास-सेलिंग रोमांटिक नोवेल्स के दौर में, जहाँ अधिकांशतः अंग्रेजी नोवेल्स का बोलबाला है, अपनी पहचान बनाने योग्य है।

मैं लेखिका की अवलोकन शक्ति का बहुत बड़ा प्रशंसक हूँ और यहाँ इस उपन्यास से चुने हुए अपने पसंदीदा कुछ उद्धरण पेश कर रहा हूँ।

***

"उसने लाल पगड़ी और क्रीम कलर की शेरवानी पहनी थी, मगर उसके ज़र्द चेहरे पर अजीबोगरीब भाव थे, जैसे वह उस उन्मादित सैलाब के हर कोने से किसी आपदा की उम्मीद कर रहा हो, लेकिन अगर वह किसी तरह अपने स्थान पर चिपका रहा, तो वह खतरनाक समय बीत जायेगा।" - अनुमिता शर्मा, साँवला सितारा

***

"यही फ़र्क़ है शादी करने और प्यार करने में।" मैंने अजीब सी आवाज में कहा, जो मेरी अपनी नहीं थी, और मेरी आखों में आँसू आ गये। - अनुमिता शर्मा, साँवला सितारा

***

"सूरज गोधूलि की चाँद की तरह लग रहा था। दूर आसमान से पक्षियों और मवेशियों की आवाजें आ रही थीं। बादलों के मध्य से निकलता सर्दी का शांतिपूर्ण प्रकाश मेरे साथ चल रहा था। मैं जंगली फूलों, पौधों, घास और मेरे कपड़ों में उलझे कोहरे के इत्र को सूंघ सकती थी।" - अनुमिता शर्मा, साँवला सितारा

***

"हाँ", मैंने निराश होकर उत्तर दिया। बाहर का फलता-फूलता अँधेरा भीतर फैल गया और अंदर की बेसुरी धुन में मिल गया। कटलरी का शोर, संगीत के बीच का ठहराव, सन्नाटे को भरने की असफल कोशिश कर रहे थे। इस दौरान मैंने हैरानी से उसके मक्खन जैसे सफ़ेद और चमकदार चेहरे को बारी-बारी से पिघलते और लौटते देखा। वह चेहरा किसी मरे हुए आदमी जैसा था।

"देर हो रही है। मुझे जाना है। मैंने बिल दे दिया है।" और वह उठकर चला गया। ऐसे ही।

उसका उग्र व्यक्तित्व आँधी की तरह निकल गया। मुझे लगा जैसे उसने मुझे शारीरिक चोट पहुँचायी हो। - अनुमिता शर्मा, साँवला सितारा

***

"मैंने एक टिश्यू उठाया और अपने होठों पर ऐसे फिराया, जैसे कि मैं उन शब्दों को मिटा सकती हूँ, जो मैं बोलने वाली थी।" - अनुमिता शर्मा, साँवला सितारा

***

"वह ऐसा व्यक्ति लगता जो हर चीज से ख़फ़ा था। मैंने सोचा, उसके पास एक मौलिकता थी।" - अनुमिता शर्मा, साँवला सितारा

***

"समय-समय पर वह मुझे हैरान कर देता था जैसे कि वह एक रहस्य को सुलझाने की कोशिश कर रहा था या मैं कोई समझ से बाहर चुड़ैल थी और उसे नहीं पता था कि मेरे बारे में क्या करना है।" - अनुमिता शर्मा, साँवला सितारा

***

"चोट बारह इंच गहरी होनी चाहिए।" - अनुमिता शर्मा, साँवला सितारा

***

यदि आप रोमांटिक उपन्यास शैली को पसंद करते हैं तो आप 'साँवला सितारा' जरूर पढ़ें।

- राहुल

Travelogue: Glass Roof of Anand Vihar Railway Station near Delhi

 

Nature: Mimosa Tree / Pink Silk Tree

 

Place: Pune, India 

- Rahul Tiwary

Photographs: Farmland near our village in Bihar

 

- Rahul 

Movie Review: Zara Hatke Zara Bachke (2023)

I watched Zara Hatke Zara Bachke on JioCinema. 

Starring Vicky Kaushal and Sara Ali Khan, Zara Hatke Zara Bachke is a comedy film. 

I had seen the promos of the film when it was released and expected it to be a lighthearted comedy based around the theme of "divorce". But I did not know that the movie had much more to offer. I found this movie as a lovely take around the theme of survival of marriage in a world plagued by corrupt government agencies. Vicky Kaushal has done an amazing work and establishes himself as a 'natural actor'. And Sara Ali Khan has given her best in another movie worth remembering. Rest of the cast is also very effective. 

With 8/10, I would rate Zara Hatke Zara Bachke as a lovely family entertainer with a good social message. Especially married couples should watch it to get taste of a life untouched in usual movies. 

- Rahul   

  

Less Seen Pictures of India's New Parliament House: My Parliament My Pride

On Sunday, 28th of May, 2023, Prime Minister Narendra Modi inaugurated India's new Parliament House: 

Beautiful pictures of the building exterior and interior were shared on social media by media as well as politicians. While some of the pictures were highly circulated, there were some pictures which were shared by individual handles and hence did not reach out to all. I tried to collect some of the 'less seen' pictures and sharing with you.  

MP Hema Malini shared several beautiful pictures of the new Parliament building on her social media account. She mentioned, "At the inaugural of the beautiful new Parliament building which will showcase India’s strides into a brave new world and give us pride of place among all the advanced nations. Jai Hind!" 

 

The long bronze beautifully carved panel depicts the Sagar Manthan

Picture shared by PT Usha, MP and President - Indian Olympic Association where she is standing with minister Smriti Irani:

Maharashtra Dy. CM Devendra Fadnavis shared below pictures of the murals inside the building:

Transport minister Nitin Gadkari ji shared below pictures/collage:  

MP Sudhanshu Trivedi ji shared: 

Times Now editor Navika Kumar shared:

Actor Ranveer Singh shared below pictures of the beautiful interiors of India's new parliament house: 

Shared by HM Amit Shah, some memorable moments from the parliament inauguration function:

Minister Shobha Karandlaje shared: 

Shared by a social media user, one Shila-patt of new Parliament house is in Sanskrit language: 

Shilapatt are in three languages: Hindi, English and Sanskrit: 

A night view of the parliament complex in New Delhi: 

Murtikar Naresh Kumawat shared picture with Mr. Bimal Patel, the architect of the New Parliament House: 

Amit Malviya, head of BJP IT cell shared below pictures capturing moments of PM Modi with the sacred Sengol:  

BL Santhosh shared picture of beautiful murals inside India's new Parliament House: 

Cricketer turned politician Gautam Gambhir shared below moment of PM Narendra Modi doing saashtang-pranam: 

Minister G. Kishan Reddy shared pictures of beautiful murals inside India's new Parliament House:

And finally, sand-artist Sudarshan Pattanaik made his art showing inauguration ceremony of our new Parliament: 

- Rahul 

Amrapali of Vaishali and Ajatshatru of Magadh

 

Long back during school days, I had read a book from my grandfather’s book collection, whose title I have forgotten now. But, most probably, it was वैशाली की नगरवधू (‘Vaishali Ki Nagar Vadhu’), by Acharya Chatursen. I remember some pages from the book now. Then, I happened to find this movie Amrapali (1966) on Netflix and watched it. They have done a great job by converting the movie it in color now.

At the beginning of the movie, the map of India is shown. Whenever I see this map, I get goosebumps. We have been often taught that India was but a set of small kingdoms in history. So what? Time to time, some great kings used to unify all areas into their great kingdoms. In those days, means of communication were very difficult and it was almost impossible to have large kingdoms. Still, we had kingdoms like Magadh (Present day Bihar) which was huge.

The main character of the movie is Ajatshatru, played by Sunil Dutt. Ajatashatru (492 to 460 BCE) was a king of the Haryanka dynasty of Magadha in East India (present day Bihar). He was the son of King Bimbisara and was a contemporary of both Mahavira and Gautama Buddha. He fought a war against Vajji, ruled by the Lichchhavis, and conquered the republic of Vesali. The city of Pataliputra was formed by by Ajatashatru. Ajatashatru followed policies of conquest and expansion. He defeated his neighbours including the king of Kosala. Ajatashatru occupied Kashi and captured the smaller kingdoms. Magadha under Ajatashatru became the most powerful kingdom in North India.

The movie begins with a war scene. The war scenes are very well shot, given that those days there were not many technologies available. There was a whole row of elephants involved in the war. It must have been challenging to shoot the war sequence without any injuries.

The movie shows a few novelties. Ajatshatru was fighting multiple soldiers single handedly, rotating his sword in the manner in which they have shown Bajirao Peshwa doing it in the recent movie Bajirao Mastani.

The chariot had this weapon, which was also shown in the famous movie Bahubali! I read that Ajatshatru is the inventor of two weapons used in war: the rathamusala (scythed chariot) and the mahashilakantaka (engine to eject big stones).

Using these machines, they were throwing rolls of fire on the enemy army. This has been shown in so many Hollywood movies too.

 Now coming to Vaishali. Vaishali which is near present day Muzaffarpur in Bihar, is known to have one of the most ancient democracies. It is called world’s first Republic.

The movie shows Vyjayanthi Mala in the role of Amrapali. She has given an immortal performance in the movie. Not for a moment she appears as an actress; it seems we are seeing real Amrapali. 

Amrapali is the Chief Dancer of Vaishali. When Ajatshatru, the king of Magadh attacks Vaishali, she asks her friend to bring his head to her as a gift. Amrapali is known to have developed one of the strongest bonds of patriotism.

Ajatshatru falls in love with Amrapali. He says, “An emperor is also a human being”, justifying his love for a dancer who was below his status. 

Ajatshatru attacks Vaishali in order to save and marry Amrapali.

People accuse Amrapali of treachery and she is publicly shamed. To my surprise, this was very similar to Game of Throne’s “Walk of Shame” except its nudity and vulgarity.

Ajatshatru comes to meet Amrapali. Look at the excellent set that is shown in the background. They made this in 1966!

Amrapali is devastated that her kingdom was destroyed indirectly because of her! Look at the dialogues, those are so powerful. She accuses Ajatshatru of murdering so many women just for one woman! So powerful.

 

Ajatshatru is devastated at seeing only hatred in Amrapali despite the fact that he defeated Vaishali’s army only to save Amrapali’s life. She can’t tolerate “hatred” in her eyes and Sunil Dutt has given such a touching performance. He says, “Do not look at me with so much hatred”. It was such a touching moment. The cruelest thing in this world is for a lover to receive hatred in return for his love.

Sunil Dutt and Vyjayanthimala have given an immortal performance. This movie and this story will remain in the classic pieces of arts and literature from India.

Blessed to have watched it.

- Rahul Tiwary