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Originally Posted by Sawyer I agree 100% with the latter part. However I have to say that doing the things quoted above are not revolutionary for me at least, I do it because it is easy and convenient to do these things. |
I completely agree. Its not revolutionary for you, because you have experienced the convenience and thus made it your way of life. Unfortunately millions in this country are yet to experience the convenience since they are not even aware of its existence. Some are aware, but scared of using technology. (E.g. teaching your grandmother to use WhatsApp and then in a few months getting 20 forwards from her daily.

It feels good, doesn't it?) I have realized that someone has to make an attempt to get people to start using technology. You will need to hold their hands for a few days till they get used to it. Once they are used to it, they will thank you for life for saving them their time and money. (And not to mention, your grandmother thanking you for providing her so much entertainment daily)
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Originally Posted by msdivy Whenever I visit a bank, I encounter educated folks who struggle to find right forms for withdrawal, pay-in, drafts, cheque deposits and then struggle to fill those forms in. ... That is the reason why many avoid dealing with banks.
PS: PM's Jan Dhan Yojana is more than 2 years old and hardly any bank is interested in promoting this scheme, due to high maintenance and low value. |
I agree with this too. But the struggle in not permanent. Once they learn to do it, they will do it like anyone else. Yes, language is a bit of a trouble. Especially if you don't know the local language and also English. But there are people to help you with that too. And I completely agree that banks need to make their processes simpler. And to be honest they are doing that. The adoption of technology by Indian banks is a case study in its own right. The way banks like HDFC, ICICI and SBI have adopted technology is amazing. But to reach the masses, it will take some effort from the middle class citizens like us. We are workers to some company. And they insist to pay us through bank transfer. When someone joins a new company the company doesn't give us a choice of whether we want our salary as cash or in the bank. Irrespective of whether you know how to use the banking system or not, you have to provide a bank account number. So why can we not insist the same with our workers? If we don't help these people in their integration journey with the banking system, then who will? Or are we (once again) expecting that the government has to do this too?
Regarding the Jan Dhan yojana. Why did people open the accounts in the first place. Because a carrot was given to them that they will get all Aadhaar linked payments only into the bank account. Or that they will get Sukanya insurance, life insurance and accident insurance for a fraction of its cost. That was the carrot. But unfortunately there is no other need created for people to use these accounts. That need has to be created by us.
How many of you use Paytm or other wallets which give a cash back of 2% on almost all transactions. Thats your 2% money coming back to you. How many of us have told this to their staff and encouraged to start using these freebies so that they can save more. These days Paytm is accepted by vegetable vendors, auto wallahs and even your pan shops.
I still say that we need to rise and start getting more and more people to go cashless. Start with your maids, your milkman, your driver and see the change happening. It's not easy, as the resistance is high for change. Slow, it may be, but it is surely happening.
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Originally Posted by Lij It was ICICI. But the issue with 2000 denomination notes is that there are very few who accept it right now since there is not enough change to tender for that amount. |
I don't know why, but I feel that the Rs 2000 denomination is a stop gap arrangement. A mechanism to help quickly improve the liquidity situation post demonetization. Won't be surprised if this currency is slowly phased out once the liquidity situation improves and the Rs. 1000 is re-introduced in a few months. I would suggest not to stack too much of this currency in the cash form. They may not demonetize it, but surely I think they will stop massive introduction into the economy. Once the liquidity improves again, and the the Rs. 2000 notes start coming back to RBI, they will replenish by Rs. 500 notes and slowly starve the system on the Rs 2000 notes.