Demonetisation

2000

The one new item that is doing the rounds these days is about Money.  The physical form of money.  It is there on everyone’s lips.  Whether I am travelling in train or buying vegetables in bazar, I can hear echoes of demonetization everywhere.

The evening it was announced by our Prime Minister, even I could not believe the news.   One of my customer called me up to confirm the news.  As I was not before the television, I consoled the person assuring him that such a move is just not possible practically.

Since then, there have been views and opinions.  Some have applauded the move while the remaining have called it a big mess.  Of course, no one is wrong.  But, this is a useless effort.  The train has left the station.

It’s now time to move into a new era of cashless banking.  The use of cash is set to reduce in the coming years.  As the mobile and other digital technologies gain ground, it will be easier and faster to move money without carrying it.

So, let’s take a look at the options available to us.

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  1.  ATM Card: ATM card is just like your teller.  It helps you to withdraw and deposit cash.  ATM machines are being upgraded to serve other needs like ordering checkbooks, updating mobile numbers etc.  You may also use the ATM cum Debit Card to shop online.  RBI(India’s Central bank) has made it mandatory to insert the PIN(Personal Identification Number) so that your transaction are double safe.
  2. Internet Banking: This is banking on the go.  You can login to your bank account just the way you do for Facebook or gmail.  You get a host of features:inb
    1.  view your account balance
    2. what got credited and what got debited.  there will be a brief summary of the transactions as well.  So, you can recall whom you made the payment to or at which ATM location, you made the cash withdrawal.
    3. Order Checkbooks, replace your ATM card, place draft orders
    4. In case you have a issue that you want to be resolved, you get an option to send an e-mail to the bank.  Their CSR(Customer Service Representative) will respond to your queries.  You can even request a call back and talk to a bank official in person.  This way, you eliminate the pain of visiting a crowded brick and mortar branch in your office hours.  It saves times and “TIME is MONEY”.
    5. Internet Banking also lets you open accounts online.  For example, you will be able to open a Fixed Deposit Account or a Recurring Deposit Account online.  As these accounts are self opened, you may close them as and when you need the funds by just a click of a button.
  3. Mobile Banking:  The most handy device that remains as close to you as your money wallet.  Some banks provide the access to your Internet  Banking services on mobile platform.  So all you need to do is download the ‘app’ from google store and login with your Internet Banking ID and Password.  You are good to go.  Some banks may require you to register for mobile banking by separate registration.
  4. e-Wallets:  These are virtual wallet like your purse.  As you hold hard cash in your wallet, you store your banking details in digital format in these mobile e-Wallets.  These wallets are available on your mobile phone through app store.  This is an emerging area of e-commerce and there are virtually all telecom companies trying to cash on this opportunity.  If you have heard of Pay TM, then you know what I am talking about.paytm
  5. When you transact in any of the above ways, you not only go cashless, you actually go green and save the planet.  The amount of paper used to print notes, print bank vouchers and the paper stationary used in the banks will be saved.
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