Letters talk back

Is it possible to link multiple bank accounts to a single mobile number or single account to multiple mobile numbers for transactions using the Inter-bank Mobile Payment Service?

     Print Edition: February 2011

Is it possible to link multiple bank accounts to a single mobile number or single account to multiple mobile numbers for transactions using the Inter-bank Mobile Payment Service (Click Funds, January 2011)? Are there subscription charges and does one have to pay for sending and receiving money? Also, is there a limit on the value of transactions using the IMPS? JYOTHI JAYAPRAKASH, New Delhi
The customer can link a single mobile number to more than one account, though all banks might not offer this facility. However, only one registered mobile number can be used to transfer funds through the IMPS. The subscription and service charges for IMPS are specific to each bank. The limit on transactions has been defined by the RBI in the mobile payment guidelines. There is a daily cap of Rs 50,000 per customer for transfer of funds.

The argument that buying a small house on loan and channelling the rent towards EMI seems flawed (Honey, I Shrunk the House, January 2011). Doesn't it mean that one would be tied to a particular city and the property could turn out to be a liability rather than an asset if one needs to shift base? RAMESH KANNAN, Coorg
Buying a house is a longterm decision and the argument applies to those who have decided to stay put for at least a year. If they want to move, they can sell the house. With ample demand and the supply trying to catch up, one can avoid losses. Moreover, if one has a short-term view, experts argue that buying a studio apartment is a better and cheaper option than staying on rent or at a hotel. Just ensure that the property is a sound investment in terms of location.

Open source softwares can indeed be used to reduce operating costs substantially (Soft Options, Hard Savings, January 2011). However, the story only touched upon the various possibilities and should have elaborated on specific softwares such as Linuxbased operating systems Debian or Ubuntu. Tutorials and compatibility packs are also available online. ABHI MEENA, Jaipur

The latest variant of venture capital, micro-equity, seems similar to micro-finance loans and angel funding (A Stake in Everyman's Dreams, January 2011). Is there a difference between these or are they variants of the same concept? SONIA KRISHNA, e-mail
Micro-equity is indeed another financing model. The differences are in the amount invested and the kind of businesses chosen. Micro-equity is the capital provided to ordinary businesses for expansion, while angel investors go for highrisk businesses with potential for exponential growth. Micro-finance is the money lent to poorer segments.

Errata
In our story, Invest in a House, Cautiously (January 2011), a quote by R.V. Verma, chairman and managing director, National Housing Board, should have read, "We are concerned when prices rise abnormally...", instead of "We are not concerned when prices rise abnormally...". The error is regretted.

letters.moneytoday@intoday.com

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