Note: This article implies basic lay man style of analysis on banking frauds. If you feel you are a B-School Topper then this is not for you.
Why do you visit ATM’s? An obvious answer would be to “withdraw money“. This answer is no more as all the ATM’s greet the account holders with a welcome board stating: “No Cash”, “Temporarily Out of Service”, “Visit Nearby ATM”. I hope most of you might have encountered very often. You have might have scolded bank left and right for making you spend more petrol and sweat after, all to withdraw your money at their restriction. The demonetization disease hasn’t been prevented yet, it’s appearing to be viral fever (which comes and goes).
Especially the worst part is in the month’s starting week that is when you get your salaries ATM’s stop working!! This is yet another crazy thing?? When companies pay to the banks to deposit in your account or when you have you have your own cash in your account, what’s problem does banks have to service its customers, for which they have promised for and begged you literally holding your feet to open account???
When there is no cash in the ATM’s, banks simply say “WE DEEPLY REGRET FOR THE INCOVINENCE CAUSED“. If its Friday evening after 7 PM then you got to wait till Monday!!!
But, When you delay even a day paying your credit card bills or loan interests, if you say the same apology to a bank, they simply don’t care shit of yours. They just kick you and either warn you to pay the amount or simply add more penalty. When you ask what will happen if there is one day delay, they say its loss for the bank. When you don’t pay it is a loss for the bank! what if, when they don’t offer your money? it’s simple sorry!! is not a loss for you??
At least do we hold rights to demand penalty for they not offering proper service!!! Tell me what do you call this? Is this not mere cheating or looting? And we call this as ( pissing) DEMOCRACY!!! Banks for holding back your money at least one day in the bank gets interest over that money. For instance, Hyderabad alone has more than 10,00,000 working professionals and each person amount of at least 2000 Rs/- held for one day makes it 200,00,00,000 Rs/- and _____ %(percentage you fill) interest of this amount would be is left you?? When this happens your in the first week of the month when your salary is deposited?? (Considering the fact that you don’t zero up your salary account on the very first by Digital payments) Is it not illegal to hold back your money without your permission? Doesn’t this appear to be a scam, where public money is looted for their personal gains???
For not having money in ATM’s, bank may throw blame on RBI, but recently RBI has lifted up even the limit on withdrawals. This means that such statements can be made by RBI only making ready the enough currency in hand and structuring the process to ensure smooth flow of the cash. Recently, it is stated by the officials that, nearly RBI has given 35000 crores of rupees to the Telangana state and still pumping in the money, but still, banks offer no money to its customers. When Government of India is working hard to promote Digital cash and purchase, banks should come forward with many facilities to please the customer to have cash in their accounts. One side government says compulsory bank account on the other side to surprise, banks have increased the transactional charges and the minimum balance and on the other side even after taking money from the public they don’t offer service. Also, one doubt pops up: IS GOVERNMENT BEHIND THE BANKS AND RUNNING THIS GAME PLAN EITHER TO PROMOTE DIGITAL PAYMENTS OR FOR ANY PERSONAL GAINS?
Note: this article of mine was published in Alertinfo.