Here is the second story on how the Indians cheated the well-organized system. Here the victim is our National Giant Banker, yes State Bank of India. To attract and grab more money from customers, they played a trick by promoting a mobile banking scheme. Below is the advertisement for understanding:
The incentives proposed are as under:
a) Rs.5/- per funds transfer transaction of Rs.5,000/- or above
b) A quarterly bonus of Rs.100/- to the top 100 customers doing the maximum number of transactions. This is subject to the condition that the customer does more than 10 transactions for Rs.5,000/- or above in the quarter. Click here to see the full advertisement.
Who did what here? People found a loophole in this Mobile Banking Service scheme.
Four guys (A, B, C and D) would sit down with their mobile phones. A would transfer 5000 to B, B would transfer that 5000 to C, C would transfer 5000 to D and D would transfer that 5000 back to A’s original account. After each cycle they are richer by Rs. 20. They kept doing this multiple times a day for a few days until the Bank realized the flaw and puts a check on it, but until then people managed to make a hefty sum out of this loophole. Interesting, isn’t it. I heard from a friend, finally I got the page, interested people have look at this Amardeep’s Page.
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