What I Learned

Below is an idea for developing a location-based mobile app. In India, RBI allows customer of any bank to use ATM of any other bank to withdraw money, check balance, get a small statement of account etc. Banks are supposed to settle the transactions between them and pay each other some fee when their customer uses ATM of another bank (similar to telecom companies paying landing charges). So, banks incur a cost when their customer uses ATM of another bank, which they recover from the customer as transaction fee (free up to 5 transactions from ATMs of another bank). The proposed solution would detect if a customer of a bank is standing within 5 meters (configurable) of an ATM of another bank and would proactively send SMS to the customer with address of the nearest ATM of the bank where the customer has an account. This way, a bank may save money by informing their customers about their nearest ATM when a customer is likely to use ATM of another bank. The bank using the sol

Though I am not an expert in banking, I am wondering why we can’t have a common bank account for multiple asset classes like different currencies, gold and silver. If possible, also stocks in the same account? This may bring a lot of dormant wealth like gold and some foreign currency lying in households into the banking system. This makes even more sense in a country like India that is largest consumer of gold globally where huge amount is converted from currency to gold and silver every year. We may also allow an account holder overdraw cash by automatically marking a lien on the gold or silver held in her account. This way, loan against gold and silver may be automated for banked population. This may provide flexibility to an account holder and safe lending for banks. Rate of interest may vary based on the asset class (cash, gold or silver) and currency, as part of business rules for the account. This may also encourage financial inclusion by providing depositors a cho