Demonetization: Suggestions to ease the cash scarcity

Sri. Narendra Modiji
Hon’ble Prime Minister Sir,

This in reference to – Give your feedback on 500/1000 rupee Demonetisation, dt: Nov. 28, 2016 sent to me from Email Id narendramodi@narendramodi.in

I suggested that,

Internet services connectivity be improvised in every part of our country for better cashless transaction by one and all for internet, mobile and other type of e-banking.

Reserve Bank be asked to make free the banks from pay-slip and cheque especially to those who hold accounts and use thumb impression and provide them biometric cards to deposit and withdrawal in all branches of state owned and private banks etc.

All ATMs should have both withdrawal and deposit facilities, regular and biometric facility.

After DEMONETISATION Why people and bank officials faced hardship in deposit, withdrawal and exchange? It’s all due to excessive account holder per branch, relocation of branch named and started in particular locality. More number branches needed per locality to minimise the account holders as well as bank staff hardship.

Private banks also should be asked to reduce Minimum balance norms equivalent to nationalised banks.

It’s better to have a debit cum atm card under one name and style to all nationalised banks. Let all the banks be asked to prepare the new ones and be replaced with old ones. Coding in the magnetic strip of the card holder be carry the branch code with the account number. CVV is bank’s discretion.

Almost all the urban bank account holders have been provided either Debit card or ATM card by respective banks.

Make compulsory that, these card holders should use card for all purchases and other payments through ATMs or Swiping Machine available in the banks and other outlets.

For wide use of these cards charges levied be waived off on purchases etc as well as other bank ATM withdrawals.

Just like several super markets offers prepaid cash coupons for members for purchases in their outlets, high security coupons can be sold by cooperative and nationalised banks for purchases and other payments by  Urban, rural and other less educated people.

These coupons will be very handy for the payments to domestic servants and others by the people.

The vendors and others like state and central government departments etc can surrender with their bankers for the credit of the amounts in their accounts or for exchange in cash to certain limit in any nationalised or private bank.

Printing of such coupons be done by the Reserve Bank of India.

These measures will help to paperless cash transactions.

Now, it’s salary-cum-pension disbursement period, the requisite Cash for each branch as well as ATM is not reaching in time also insufficient for disbursement.

I suggest that, to ease disbursement and none of customer go empty hand let the RBI be asked to issue notification as suggested;

Between Dec. 5th and 20th 2016, in nationalised banks and all ATMs

Rs. 500, 100, 50 and other denomination notes be made available to each branch sufficiently instead Rs. 2000 notes alone during this period.

Let there not be No Cash board to greet the customers.

from 10am to 1pm let the Pensioners and Women alone be allowed for withdrawals and deposits.

from 1pm to 3/4pm current and other account holders transactions be allowed.

Let every bank branch be provided POS/swipe machine also apart from cash counter for deposits and withdrawals on permanent basis.

I do expect a feedback from your good offices on the suggestions place before.

Yours sincerely,
TR. Madhavan

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