Neil Borate
Heading the personal finance team at Mint
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The forced collection of contact details and location by Navi MF from its investors is concerning. Story by Sashind Ningthoukhongjam #mutualfunds https://lnkd.in/gvedvWbnDownload mint app for latest in Business News - https://bit.ly/32XEfFE
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Akshay Dixit
Product | Kusto @ Microsoft Fabric
4mo
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Neil Borate: The real culprit is loan. Navi wants contacts and location so it can recover loan in case of default by customer. I suspect this as being the reason as covered in this documentary. https://www.youtube.com/watch?v=JilJhn_tP-c
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Mohit Oberoi, CFA
Freelance equity analyst & Financial journalist
4mo
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Thanks a lot for highlighting this Neil Borate, high time regulators wake up to this "apponomics" where apps want access to so many aspects even if it is not necessary.
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Vikas Kasturi
Value Investor| Portfolio Manager| Fin & Investing blogger
4mo
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On a similar note, ICICI Bank's mobile app wouldn't work because it wanted access to my SMSes. I guess to know if I have relationship with other banks and what my transaction pattern is. So, I uninstalled the app.
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CA. Sanjeev Lalan
Partner at GBCA & Associates LLP, Chartered Accountants
4mo
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That is an eyeopener for many who aren't aware.
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Darshan Doshi
Curious about performance, personal finance and fitness
4mo
Great reporting!
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Shashank Bhardwaj ℹ️
I like to talk about Insurance I Finance I Copywriting I Marketing I Scams more often
4mo
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Evolution of Fintech Apps after Demonetisation:1) Truecaller - SMS, Contacts and PhoneCalling Permissions2) UPI Apps (PhonePe, GPay (Tez), Airtel Payments Bank, Paytm, etc..) - Can access SMS, Contacts, Unknown Contact whom you transferred money, etc.)3) Loan Apps (Bajaj Finserv, NAVI App, KreditBee, moneyview, Fibe.India (Formerly EarlySalary) - Can access SMS, Contacts4) Game Apps (Junglee Rummee, Ludo, Casino) - Having access for contacts.Now, how they uses your data.The moment you get a call from a number, truecaller will match it with their database and feed the number. The moment a person transfer money to you account, the data is shared with these Fintech Apps.The moment a person applies for loans, the data will be captured and sold to the highest bidder in the database market.The moment a person pay in games, they get vulnerable to all sort of schemes.---------------------------------------------------------------------------------These data sold in the aftermarkets are cheaper than 1000/- INR for 10K people's data. Just sharing this as I heard something similar from an employee of a renowned banking firm while having beer and gupshup 😉 .
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ARGHA BANERJEE
Private Banker, Ex- Regional Portfolio Counsellor
4mo
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For those who were extolling the virtues of less expense ratios maybe its time one realised that what you save via expenses you pay much more via associated measures undertaken by apponomics.Reminds me of the adage: beware the gifts borne by the Greeks!! No offenses made anywhere. Just plain observation and my two bits.
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Sudhanshu Pani
.
4mo
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Thankyou for bringing this out. Absolutely unethical. We will know later if it is criminal. Chetan Patil the issue of 'human surveillance ' of borrowers is interesting, but may not be unethical if it is explained correctly to borrowers and it is offered selectively for financial inclusion. The idea being the consumer may barter some constraints for economic benefits. But given their strategy around web access and phone book records I don't think Navi understands the modern consumer finance product game. It is less likely to have followed the right path.
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Naveen Bachwani
Founder@ThinkShop.in | Consultant | Technologist | Speaker | Writer | Teacher | ShutterBug | CX & BFSI Expert | Ex Microsoft
4mo
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TFS, Neil and team. It's sad to note how many "new-age" services (and their policies) are not aligned to genuine #customer needs...
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Neil Borate
Heading the personal finance team at Mint
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Do bookmark this very useful infographic compiled by Sashind Ningthoukhongjam with data from Ameet Patel about how NRIs are taxed on their #mutualfund investments in India. For countries like UAE, Mauritius and Singapore, there is no tax (Singapore needs repatriation) https://lnkd.in/gPy2EZrC
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Neil Borate
Heading the personal finance team at Mint
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With the stroke of a pen, AMFI has unleashed competition in India's MF industry. Now distributors can earn trail commission on switched AUM. What do I mean?Let's say distributor A is doing a bad job. Distributor B goes to the client and convinces the client to move to him (distributor B). The client can give a request to the AMC and the switch will happen. Oddly enough this was not possible earlier. As per the previous rule, the new guy didn't get any trail commission on switched AUM. The AMC just stopped paying it to anyone.There are some conditions. A 6 month cooling off period and if the new guy gets a lower commission from the AMC, the same lower commission will continue on the switched AUM too.This change an spur competition and innovation among MFDs. The days of sitting on AUM and chilling (which may have happened in some cases) are over.
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Neil Borate
Heading the personal finance team at Mint
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NVidia has made some Indian techies rich, very rich. But some things to keep in mind: A concentrated position is risky, esp in your own employer. May be prudent to sell & allocate to a diversified MF or ETF.Disclose holdings in Schedule FA of ITR. Even if you've not sold the stock or got income. The penalties are severe.Story by Shipra Singh https://lnkd.in/gHKRy9XC
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Neil Borate
Heading the personal finance team at Mint
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Today we profile Swarup Mohanty, CEO of Mirae Asset Mutual Fund (India) . Swarup has an equity heavy portfolio and so he's adding more debt to restore balance. He's also big on insurance, with a 4 crore family health cover. He and his wife also invest in art. Story by Jash Kriplani, CFP® https://lnkd.in/gaZNJsKf
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Neil Borate
Heading the personal finance team at Mint
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For the first time, AMFI has started to display the break-up of direct plans between PMS, RIA and DIY investors. Thank you Roshni Nayak for bringing this to my notice. With regulatory reforms, this 4.4% under advice by RIAs can multiply manifold. India needs more RIAs. For those not familiar with industry terms:RIA - Sebi Registered Investment AdvisorPMS - Portfolio Management ServiceDIY - Do-it-yourself Investor
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Neil Borate
Heading the personal finance team at Mint
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Some interesting info on smallcap funds compiled by Anil Poste sourced from the ever awesome Nirav Karkera of Fisdom Correction: Lumpsums have been stopped at SBI Small Cap since 2020
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Neil Borate
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With Tata cutting its EV prices, your EV can break even in just 3 years. After that you save money - enough to offset battery replacement after 8 years. Of course, limited range and charge infra remain challenges. Story by Shipra Singh and Anil Poste (To know more about the assumptions and factors built into our calculations, please go to:https://lnkd.in/gZCUjQhR)
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Neil Borate
Heading the personal finance team at Mint
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Today we profile Deepak Shenoy . He is up 49% in the last year. How does he invest his money? Anil Poste writes today.https://lnkd.in/gwfaVyJx
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Neil Borate
Heading the personal finance team at Mint
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For Singapore NRIs, MF gains are not taxable in India. Singapore itself has no capital gains tax. This makes MFs tax efficient. But there is more ambiguity than the UAE - India DTAA and also requirement to repatriate the gains. Story by Sashind Ningthoukhongjam https://lnkd.in/g6_JjFV9
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Neil Borate
Heading the personal finance team at Mint
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Beware, insurance policies are now being sold as mutual funds! Do watch my quick chat with Santosh Sirur on this topic. Needs urgent regulation.
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