Finance in a minute

If you’ve ever sent money to anybody instantly using a phone number or QR code, you’ve probably used UPI (Unified Payments Interface). It’s a system that lets money move from one bank to another within seconds, at any time, with no cash needed. UPI was launched in 2016, and since then, India has grown into one of the fastest-growing digital payment countries in the world. Millions of transactions happen daily, from paying for groceries and movie tickets to school fees and piz

In 1949, a businessman named Frank McNamara went out for dinner in New York with his clients. When the bill arrived, he realized he had forgotten his wallet. His wife had to rush over with cash to save him from the embarrassment. That night, Frank had an idea: what if people could pay without always carrying cash? A year later, in 1950, he launched the Diners Club Card, the world’s first credit card. It allowed members to dine but then pay later. At first, only 27 restaurants

A lot of people think the stock market is just luck, like playing cards or a coin toss. But it isn’t the same thing. When you buy a stock, you own a small piece of a company. If the company grows and makes profits, your share in the company grows in value too. It's not based on chance but rather on how the business performs. Yes, in the short term, prices can go up and down quickly. That’s why it sometimes feels like gambling. But if you look at the stock market over many yea

When you think of money, you probably picture coins, notes, or maybe numbers shown in the banking app. But what is it, really? Before money existed, people used barter: trading goods directly (like rice for cloth).  Imagine you want a sandwich, and your friend, who has that sandwich wants your notebook in return. That’s an easy trade. But what if you had to buy it from a sandwich seller who doesn't care about notebooks?  That’s the problem with barter… it only works if both s

At first glance, a bank may seem simple: a person puts their money in, and when they need it, they take it out. But banks are not giant vaults that just store the money for future use. They are actually constantly moving, lending and multiplying the money.  Banks are the middlemen in the entire cycle of money. On one side, people deposit money (your pocket money, your parent’s salary or a company’s profit). On the other side, the bank lends this deposited money to someone who

Now that we know that banks dont just store our money but use it, the next big question is: where do they earn from?  The main way banks earn is through something called the “interest spread.” Here’s how it works: First:   What’s an interest rate? It’s simply the price of money. If you borrow ₹100 at 10% interest, you’ll pay back ₹110. If you put ₹100 in the bank at 4% interest, you’ll get ₹104 back. When you deposit money in a savings account, the bank pays you a small inter

Now that we know how banks earn money, let’s look at the main types of accounts people can open. Savings Account – The Everyday Wallet Riya, a college student, keeps her pocket money in a savings account. She can withdraw anytime, pay digitally, and the bank even gives her a small interest (of about 3-4% a year) just for keeping money there. Perfect for her day-to-day use, or any salaried people who want to save bit by bit.  Current Account – The Business Her dad runs a shop.

For many teenagers in India today, paying someone doesn’t mean digging out cash or waiting for change. It simply means opening an app, typing a number, and tapping PAY to transfer the money and collect their items. This shift didn’t happen slowly as one would expect. Infact, India leapfrogged from a mostly cash economy to one of the world’s most advanced digital payment systems within a few years. The main reason: UPI (Unified Payments Interface ) So what exactly is UPI?  UPI