Time
for Leap Frogging
I listened online to our Hon. PM’s address to
senior bankers during the conference on” Creating Synergies for Seamless
Credit Flow and Economic growth” yesterday… https://youtu.be/hhT9BmNwZSQ
Many issues the Hon. PM covered for the active
consideration of bankers…..
- he also exhorted them,
among others, to play a much more pro-active role in identifying the
emerging financial needs of borrowers at the grass root level and devise
schemes to address them.
- in
this connection he added that the nation has great expectations from
bankers in fulfilling the goals set by the government especially in the 75th year
of Independence …
Being an ex-banker and also a faculty for long,
many interesting action points for bankers could be identified…. I wish to cite just one area that
he repeatedly emphasized…
· Hon. PM asked each of the bank
branches to identify at least 100 clients- of medium size- which undertake all their
transactions (100%) on the digital mode…
· this is a wonderful suggestion
and goal for the bankers to achieve before the next Independence
Day…
A related point comes to the mind- as to why our
country is not having such units currently and even if they are present, their
number is miniscule…
In foreign countries… say USA… almost all
transactions are on the Digital mode…. this is my observation during a brief
trip - couple of years back… starting from petrol pumps... in fact, in such
pumps the customer himself puts the petrol in the vehicle and pay digitally and
rides away.
· Why we did not go in that
direction especially after demonetization?
· Banker is going to
face hurdles in reaching this small target… because the clients/vendors/customers still do not
want to shed the cash transactions… as that is the prevailing mode/ custom in the
country….
· Cash is preferred….at many
places... how to change this outlook?….
One
method could be to provide incentives for adopting and
disincentives/deterrents for avoiding full digital payments by vendors/ organisations....
· Much thinking and actions will be
needed and called for…
· All bankers in general and bank
executives in particular should listen to this address, post -haste ( see link given
earlier).
वन्दे मातरम्
ॐ शान्ति
8 AM
Providing incentives for usage of digital mode.. is a good suggestion and apt.. disincentives for usage of cash will pave way for using digital methods.. txs ..vasudevan, Bengaluru
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