Money!! If you imagine hard notes when some body tells the word money, consider you are still in the age of you grand father’s. Today money is in the form of electronic data. It is there in Banks computers, in your credit card, in your internet banking account. If you loose these data, you will loose your money.
With this brief idea, let me tell an incident. I usually recharge my prepaid mobile and pay bill through my internet banking account. I was recharging my mobile and I was redirected to my bank’s website from the mobile recharging portal. I clicked on pay button and confirmed the payment with my passwords. The information flow from the bank’s site to the payee site not happened and the recharge was not done. That means the mobile company did not get the amount. But the bank has already paid the amount. It was deducted from my account. Then, where is the money? It was lost with the data! That money was useless for that particular time until the communication error I corrected and refunded bank to the account!
Now consider the implication. Let the amount be little low, say a ten thousand rupees. Let the time taken to refund the amount be 5 day. When the bank calculates the interest for his account for the month this amount will not be considered and will not be paid. So he will loose three rupees. If it is just in the case of SB account which has lowest interest, what will be the implication of such money lost in the mid way through out the country?
I can easily say if the total amount lost in the data transfer for a day is pooled into BSE to purchase some share it BSE will gain at least a hundred points
With this brief idea, let me tell an incident. I usually recharge my prepaid mobile and pay bill through my internet banking account. I was recharging my mobile and I was redirected to my bank’s website from the mobile recharging portal. I clicked on pay button and confirmed the payment with my passwords. The information flow from the bank’s site to the payee site not happened and the recharge was not done. That means the mobile company did not get the amount. But the bank has already paid the amount. It was deducted from my account. Then, where is the money? It was lost with the data! That money was useless for that particular time until the communication error I corrected and refunded bank to the account!
Now consider the implication. Let the amount be little low, say a ten thousand rupees. Let the time taken to refund the amount be 5 day. When the bank calculates the interest for his account for the month this amount will not be considered and will not be paid. So he will loose three rupees. If it is just in the case of SB account which has lowest interest, what will be the implication of such money lost in the mid way through out the country?
I can easily say if the total amount lost in the data transfer for a day is pooled into BSE to purchase some share it BSE will gain at least a hundred points
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