This is like chasing a mirage. Neither the banks nor many among the
people are for opening the bank accounts and carrying out transactions
through bank accounts. Even in metropolitan cities, there are thousands
of people without a bank account and even if they have accounts they
prefer to deal only in cash. To make the RBI's proposal a reality, it
has to be made obligatory that no cash transactions above a cut off
point say Rs 1000 should be entertained by any one in the society.
Majority of self employed categories in the economy engaged in all sorts
of economic activities do not take cheques or credit cards and issue any receipt is the
ground reality and RBI cannot be of any help in bringing them into the
banking fold.
Dr.T.V.Gopalakrishnan
(This comment is in response to 'Have bank accounts for all by Jan 2016: RBI panel' in ET dated 8/1/14)
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