Sunday, August 22, 2010

Simple tips for OTAC (one time authorization code)   or OTP (one time password) usage

As the Security threats over the Internet Banking and Mobile Banking are on the increase, Banks are rushing to enhance the Security cover for their Internet Banking and Mobile Banking products.

One method which the banks are adopting fast is the strong, two-factor authentication with mobile phones.

This is possible with the OTAC (one time authorization code)   or OTP (one time password). Literally, both are the same.

What are the main features of OTAC/OTP?

--A one-time password (OTP) is a password that is only valid for a single login session or transaction.

--In India, this OTAC/OTP password is normally valid for 2 hours from the moment it is generated.

--This is because, it has been observed, that the user’s do not immediately 
make use of the OTP/OTAC, but login after some time.

-- Hence, if the OTAC/OTP is not valid for at least 2 hrs, than the users tend to re-generate the OTP/OTAC, thereby increasing the load on the bank’s servers.

-- OTPs avoid a number of shortcomings that are associated with traditional (static) passwords.

-- The most important shortcoming that is addressed by OTPs is that, in contrast to static passwords, they are not vulnerable to replay attacks.

-- This means that, if a potential intruder manages to record an OTP that was already used to log into a service or to conduct a transaction; he/she will not be able to abuse it since it will be no longer valid.

-- On the downside, OTPs cannot be memorized by human beings. Therefore they require additional technology in order to work.

-- Normally the OTP/OTAC’s are delivered via SMS to the registered phone numbers with the banks.

Hence, it is of paramount importance, that the bank customer’s safeguard their mobiles.
Tips for a safe OTP/OTAC journey:
1) Acquire a dual Sim mobile.
02)Acquire a life time Sim Card, and provide the number to the bank
03)Ideally, use this number only for financial transactions.
04)Do not insert this Sim in your mobile permanently.
05)Only, when executing an internet/mobile banking/financial transaction, insert this Sim.
06)Otherwise, keep this Sim safely in your wallet.
07) One more advantage of this is that in case your mobile is lost/misplace, your Sim is safe.
 Otherwise, it is a big pain, to change the Mobile number with all your banks

Thursday, August 19, 2010

Karur Vysya Bank – Travel Card

Karur  Vysya Bank – Launches Travel Card

In May 10, during the launch of KVB’s Gift Card, KVB’s MD Sri.P.T.Kuppuswamy, informed that KVB was planning to launch its Travel Card soon.

Keeping its promise, KVB launched its Travel Card in the 3rd week of August 2010.
Rakesh Jhunjhunwala, the ace investor launched the KVB Travel Card, at the inauguration of KVB’s Kalbadevi Branch in Mumbai.

The details of the this new offer from KVB, can be accessed at

In brief the highlights are:

1)     This is a Visa enabled card

2)     The card is available in three major currencies – USD, SGD and Euro

3)     The minimum amount for which the card can be purchased is USD 100 / SGD 100 / Euro 100. 
4)     The maximum amount that can be loaded can be equivalent to USD 10000 / USD 25000 subject to FEMA regulations. 

5)     The Card can be used for online shopping through net banking.

6)     The Balance in the Travel Card can be known through a weblink.

At present, the card is offered through 27 out 344 KVB Branches, across the country.

Well, the charges for the charges for  KVB Travel Card, are not yet highlighted in the Bank’s website.

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Monday, August 16, 2010

India’s Bid for Asian Games 2019.

Today’s Post is regarding the India’s Bid for Asian Games 2019.

Yes, the hype surrounding   the Commonwealth Games 2010, has put the Government on a back-foot, and now the Central Government has decided not to Bid for the Asian Games 2019.

But as a stray thought, which city in India, is the best for Asian Games 2019.

To me Bangalore and Mysore can co-host the Games.

Yes, you have read it right, Bangalore and Mysore can be the co-hosts.

Why Bangalore and Mysore for Asian Games 2019?

01)   Mysore – The major attraction is the Infosys training academy. This can be used as a Games Village. I am sure, Infosys, would be glad to lend its Infrastructure for a noble cause.

02)   The Airport is ready, and the games would be a catalyst for it’s zoom-off.

03)   The inter-connectivity between Bangalore and Mysore is good.

Or, if not Bangalore and Mysore, than Bangalore/Mysore and Chennai for Asian Games 2019.  

The budget would be very high for a single city to bear and the State Government too would not like to bear the enormous financial burden.

Hence, the Games can be split into two nearby cities. This way, both the cities, Bangalore/Mysore and Chennai will benefit by Asian Games 2019.

Who will bell the Cat?

Like it or not, politicians have to drive the Bid. 

To my mind, the names of Sri.M.K.Stalin or Sri.Dayanidhi Maran, immediately pop-up.

From Karnataka, Sri.S.M.Krishna or Sri.Krishna Byre Gowda can lead from Karnataka.

Yes, this is time to Politicians to unite, and show their caring side.


Friday, August 6, 2010

Andhra Bank-Gold Loans in 30 Minutes

Gold Loans, is the new flavor of the Indian Banking Sector.
Andhra Bank is not a new entrant to Gold Loans.
Andhra Bank added Gold Loans to its portfolio in 2009.
However, recently, it has launched a new variant of Gold Loans.
GOLD LOANS IN 30 Mintues.
The full details are @

Right now, this new variant is available at the following Select Branches in Twin Cities (Hyderabad-Securderabad)
Kukatpally, and
Ramanthapur branches in twin cities.

Monday, August 2, 2010

Engagement of 'for-profit' Companies as Banking Business Correspondents, on its website.

Why ‘for profit’ companies, as Banking Business Correspondents?
Reserve Bank of India, today, has placed aRe
Reserve Bank of India, today placed a Discussion Paper on Engagement of 'for-profit' Companies as Banking Business Correspondents, on its website.

Comments/Feedback have been invited by Reserve Bank of India, latest by 20th August 2010.

Why was this Discussion Paper necessary?
01)   To bring the vast majority of the unbanked population into the Banking fold.

02)   To encourage ‘for profit’ companies to enroll as Business Correspondents.

03)   To minimize frauds, as BC’s are primarily encouraged for ‘Savings and Remittance Services’.

04)   To harness the Information Technology to develop low-cost efficient BC Models.

05)    To arrive at Service Charges to be charged by various players in the BC Model.

06)   To structure a transparent complaint management system.

Sunday, August 1, 2010

CentFast2India - Revenue Model

Today’s post is with regarding the Revenue Model for CentFast2India.

I was wondering as to how Central Bank of India, aims to earn revenue from CentFast2India.

The following are my thoughts:
As CentFast2India, is a Bank Neutral ePayments channel, how would Central Bank of India, generate revenue to ensure CentFast2India, is a Revenue earner for the Bank, and not a loser.

CentFast2India is positioned as a Loss leader by Central Bank of India.

The chief revenues for CentFast2India are the Service Charges of $8 per transaction.

Apart from the Service Charges, the indirect benefits of CentFast2India
01)  Building an image amongst NRI’s in U.S.A.
02)  Building up a database, to attract CASA accounts.

To me the second point, seems to the most attractive feature of CentFast2India