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Dr. Sunil Prakash
346 followers -
Still to be discovered who am I?
Still to be discovered who am I?

346 followers
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India is in a great and fast transition stage. the banking system is making a drastic change. We are moving out of conventional banking of lines in banks, bank visits, cheques, DD , passbook era. We are now into a totally new era. No bank branch visit. Bank branches are converting into just the bank's backend offices to meet with some paper work.

Every thing is moving to paperless banking. further to this, in a few more years, the conceptual banking system will also disintegrate. It should be now called or designated as Financial hubs, or even financial webs.

With the coming up of virtual banking or financial transaction stations just on our small device or I would like to call TOY ( Mobile) life is becoming easy, comfortable, peaceful. we are in the transition stage and lot is to be learnet and done to make it secure. We all need to be esecure ourselves.

Consumer awareness, how to use it, when to use, be aware of the do and don'ts are becoming the need of the hour. it is required at all level, whether the institution, the corporate, Government Or even the consumer. the application is easy and comfortable, but if not used properly can lead to disasters. Sharks are every where. They develop faster than the technology.

Finally this will catch up and nationatins will save on costs of currency, paper and counterfeit. the movement is positive and equally associated with lot of efforts to educate the masses.

With all the efforts of the Government, there seems to be some laxity on the part of the stakeholders in the administrative management scenario of the government as cash transaction have come back at all level. This has brought back the corruption and use of Cash stash. It is more easy as the bigger denomination currency is easy to stash in less space. DO we need the 2000 rupee note or even 500 rupee. No, and this NO will move us more towards digitisation

paytm is becoming defunct as people have stopped accepting them, even other wallet concepts are not popular because of two constraints. One that they have to have money transfer among their users only and if banks get involved the service charges are high. One cannot be a user of all the wallets and why should I park my money to their kitty and they enjoy my money. hey earn interest and I do not get any extra return.

We as consumers have to be very well aware of all these anomalies and take conscious decisions where to park, how much to park and what is safe.

#PMO #narendramodi, # financeministry, #arunjaitely, #sudhirchaudhary, #voice, #cuts, #consumer, #governement, #consuemrcell, #consumersinternational, Indrani Thuraisingham​, Consumers Forum​, Consumers' Legal Protection Forum​, Consumers India​, Voice ConsumerVoice​, CONSUMER EMPOWERMENT​, Consumers Union​, Department of Consumer Affairs, Government of India​, Consumer Court​, Reserve Bank Of India​,

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We need this with exclusive rights to BSNL and BSNL is privatised on PP basis.

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One must know the difference of banking by these non-banking companies.
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