![]() | #766 | |
BHPian Join Date: Feb 2006 Location: bangalore
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![]() | #767 |
Senior - BHPian Join Date: Jul 2009 Location: Pune
Posts: 2,665
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![]() | #768 |
Senior - BHPian ![]() | ![]() Sharing the following update/clarification I read in the paper today. Ignore if already mentioned. Last edited by tharian : 16th November 2016 at 08:09. |
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![]() | #769 | |
Senior - BHPian Join Date: Dec 2008 Location: Bangalore
Posts: 3,041
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http://www.firstpost.com/india/keral...h-3106408.html In summary, they fought the RBI tooth and nail to not have to adopt modern banking standards, regulations and technology; and now they find themselves in a position where they are unable to continue in business without such compliance. | |
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![]() | #770 |
Distinguished - BHPian ![]() | ![]() The most talked of topic for everyone, ![]() |
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![]() | #771 | |||
Senior - BHPian Join Date: Jun 2014 Location: Bangalore
Posts: 1,432
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Then there are very many other co.op banks which are nothing but glorified "chit fund" companies. They do not follow RBI guide lines, do not have any KYC norms and also encourage people to hold multiple accounts and make payments for Rs.49,999 etc (to escape the PAN card requirement). The RBI have been trying to get the compliant, they operate under certain state specific laws. It is these banks who have got shafted big time. They cannot accept or issue money. I would not blame the RBI, because these "banks" were operating in a shady way. Most of these co.op banks are governed by local politicians directly. Chances of money laundering is very high here. Quote:
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![]() | #772 |
BHPian ![]() | ![]() Well as per the firstpost article, Kerala has 60,000Cr deposits in Co-op banks and 30,000Cr in loans disbursed by them. That is a mind boggling amount of money. They are even beyond the purview of IT? All these big numbers hurt my poor brain :P |
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![]() | #773 | |
Senior - BHPian ![]() Join Date: Feb 2010 Location: DPM and CHN
Posts: 1,665
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This is done by visiting people, volunteers and bank staff. He is in need of volunteers in all cities. | |
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![]() | #774 | |
Senior - BHPian ![]() Join Date: Nov 2011 Location: Bangalore
Posts: 1,158
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During war time free speech is suspended, rest easy, this isn't war time, just legislated chaos. The media's job is not to push the government line, that would be propaganda, social media is doing a great job of that. | |
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![]() | #775 | ||
BHPian ![]() Join Date: Oct 2013 Location: bangalore
Posts: 560
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![]() | #776 | ||
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,705
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There was a news report (sting operation) where it was revealed that lots of daily-wages workers (don't want to generalize ... this was in a specific area in Delhi) are standing in bank queues as a full time job since last Wednesday. Two modes of operation: 1. Get 4000/4500 in old notes from someone and get them exchanged from bank. Get paid 300 Rs for exchanging 4500 Rs. 2. Stand in queue as a proxy for someone and as the counter comes close, make a call and then that someone stands in queue for last few minutes. Again get paid something like 300Rs from each 'customer'. The 2nd mode is still OK, but the first one is a clear fraud. The move to mark people with indelible ink has been announced to address this problem. | ||
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![]() | #777 | |
Senior - BHPian Join Date: Dec 2008 Location: Bangalore
Posts: 3,041
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And presumably in your world those physically incapable of operating a gun don't have a place, at all. | |
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![]() | #778 |
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This is a continuous operation in most large white goods stores today in Chennai. They have a stream of people coming in continuously collecting cash (one at a time), getting it exchanged and picking up the next lot. Necessity breeds innovation and this model is in place almost from the 9th/10th of nov at most places... Just visit any brand store where you are seeing crowd and you will see this in action. |
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![]() | #779 | ||
Senior - BHPian ![]() | ![]() Quote:
There are some countries like that, but aren't civilised. Law and Order is nothing to talk about there. You can search on google to know which such countries suit your tastes. Immigration in such countries should also not be a problem, as most people avoid it. Their own citizens abort ship. You need to actually think about moving to a country you would like/prefer. From some of your previous posts, you absolutely detest Indian conditions. Quote:
They smartly added "over 50,000" there. And this can be interpreted in many ways. Last edited by vinit.merchant : 16th November 2016 at 12:49. | ||
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![]() | #780 | |
Team-BHP Support ![]() ![]() Join Date: Jan 2010 Location: Mumbai
Posts: 4,705
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------------------------------------------------------------------------------------- On a separate note, somebody who works in a bank told me this yesterday - the number of loans (auto and car loans mostly) that are getting pre-closed has increased noticeably since last few days. So looks like people are using others with a fairly small outstanding loan (let's say 1.5 Lakhs) to convert their black to white with a IOU understanding when the dust settles. Banks are also smart. They are allowing loan pre-closures with cash if the amount is small (in thousands). For large amounts, they are asking them to deposit in their account and then use that amount for closing the loan, so that there is a digital trail. Last edited by SDP : 16th November 2016 at 12:41. | |
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