The PNB –Nirav Modi case is a text book case of an operational risk event. The fact of the case is now well known. The case revolves around letters of undertaking (LOU) issued by PNB (issuing bank) to overseas branches of many Indian banks. An LOU is, in essence, an irrevocable bank guarantee issued by […]
Trillion Dollar Economy – no magic required
Reaching $ 5 trillion GDP benchmark is being projected as a landmark milestone for the Indian economy by many in the Government. The latest estimate puts the size of Indian economy, measured as GDP at current market prices, at $2.4 trillion. Does reaching $5 trillion mark reflect a significant achievement or is it really an […]
Corporatization of Nations
Reliance Jio Infocomm Ltd, the telecom arm of India’s largest company by market cap (NSE:RELIANCE), plans to create its own cryptocurrency called JioCoin. Supply chain management logistics and loyalty payment with JioCoin are amongst the envisaged uses of JioCoin. Worldwide, many large corporates have already started launching their own private cryptocurrency. KFC, Burger King and […]
Central Bank Digital Currency -a Blueprint
eRupiah: RBI’s Virtual Cash Key words: Central Bank Digital Currency, public key-private key cryptography, Digital currency wallet, Corruption, Introduction: No currency has ever been used in the human history which did not have the stamp of an authority. Bitcoin is a medium of payment but it is not money for the same reason. Nonetheless, the […]
Trading or Investing in Bitcoin is Injurious to your Financial Health.
One of the fundamental lessons of all financial scams is that there always exists enough number of gullible people to be conned by merchants of dream. For example, the people of 17th century Amsterdam started believing that prices of a bunch of tulip bulbs could rise to a level higher than the value of a […]
The centenary of Bolshevik Revolution and the fatal attraction of the concept of Class
“The history of all hitherto existing society is the history of class struggles” (Communist Manifesto). Communist parties everywhere consider this sentence written in 1848 by Marx and Engels as a well-established truth. However, it may also be considered as one of the greatest half-truths ever penned. This manifesto was the inspiration of those who created, […]