demonetization-the worst is yet to come

in the backdrop that india has as many as 2 lakh atms, fixed cost of inr 6 lakh is involved in installing one such machine, inr 60 thousand is spent monthly on a machine’s maintenance, and that sadly not even half of these machines are functional at any given time, let us see the impending pain awaiting us.

not to forget, public sector banks are owned by us, the general public, albeit indirectly, so we can lawfully ask questions, determine accountability.

country has been promised a new dawn by the present government, they say this new india will be driven not on cash but by digitized transactions.

and these digitized transactions will be handled by our banking system, the same system that has been unable to deliver even half functional atms. in its race toward digitization, government is overlooking one basic flaw- our failures in sustaining earlier such efforts, our failure in determining liability of those responsible.

more we move toward a cashless india, more will be the installation of point of sale machines and real time settlement of transactions, more will be the dependency on infrastructure meant to power this digitization wave.

not to say, more will be the threat to our sensitive banking information.

the question is, are we ready? are our banks and their officials ready? the irony is that they were deemed ready when atms were being installed. look at how many are functional today, calculate the return on investment, the verdict will be ‘fail’!

give your verdict