This paper makes a distinction between overt (visible/manifested) and covert (invisible/ latent) effects of caste realities in contemporary India. Covert realities, which have dominant cultural and psychological aspects, transcend the myth of Varna and Jati as the driving force behind the caste system. It rather uses ‘stereotypes’ produced through prolonged practice of caste to reproduce inequalities and discrimination. The overt realities of caste include the discussion on marriage, atrocities, untouchability and exclusion, voting patterns etc. The covert realities of caste influence life chances in much more complicated ways. The cultural, social and psychological aspects of caste can be seen in corporate hiring, constitution of students pursuing higher education, social media interactions, social networking and formulation of stereotypes. The paper analyses many ways in caste plays a relevant role in influencing life chances of people, now categorized into ‘General’, ‘Dalits’, ‘Adivasi’ and ‘Bahujan’. The paper attempts to address the issue of hyper visibility of lower castes identities and invisibility of the upper castes identities. Here, caste is discussed as a resource, translated into effects. The focus is shifted on caste and its effect from caste as a system.