On Day 3, Anger, Chaos On Currency Ban As Banks Struggle To Dispense Cash

[Maravan]

1. People with bank account also stand in queue to either deposit money or convert their high denomination notes.

2. Villages that do not have banks have POST OFFICE where money can be exchanged as per govt. guidelines.

3. Most small merchants in cities have a POS machine that accept credit / debit card. Its given to them for free by the Banks and credit card companies.

4. I personally use card to purchase stuff from chemist shop and kirana shops. But in today's day and age most people use super market to make big and small purchases since its always cheaper there.

5. The "poor' will not have stacks of Rs. 500 and Rs. 1000 ....... if they do, they are not "poor"

1. People aren't going to get all the amount immediately even if they deposit a huge chunk of cash... They will get only 4000, just to run their daily routine... Which is most likely 2000rs note.

2. Are you from village? Travelled across villages? Go and check the reality.

3. Those machines are given only to those who have a shop in buildings with address proofs.. Not to the road side poor merchants.

4. Again you are telling everything from a city guy pov.

5. Most aren't standing in ques to change a huge chunk, they know that the limit is just 4000rs... You are expecting them to not have that too?

 

[xyxmt]

Have seen the far worse line in 2004 for LPG gas when Manmohan become Primr Minister ... Indian people face such problems every day .... We are more happy that a lot peole will lose black money and funding for terror also get a hit due to it ..... its better to stand in queue for 2 hours then to die in a blast funded by black money

Curse of the Sub-continent

 

[duhastmish]

Let me make this simple for you,

Money = Blood

Banks = Artery and Veins.

Money outside banks means , Blood running outside the Artery and veins. Its called a haemorrhage and will either destroy a particular organ or will kill the patient in time.

So for a healthy body, the blood must always flow through the artery and veins.

Money must always flow through proper banking channels for a healthy economy and Nation.

Commerce is not biology.

Money should be earning itself. Multiplying.

Money is bank means. Money for big bad loans.

Money is rotting in bank
when we all know capabilities of politician compared to people working with their money. They will take it for granted. Money in bank is stupid. Nobody can earn means no tax and no jobs.

 

[TimePass]

1. People aren't going to get all the amount immediately even if they deposit a huge chunk of cash... They will get only 4000, just to run their daily routine... Which is most likely 2000rs note.

2. Are you from village? Travelled across villages? Go and check the reality.

3. Those machines are given only to those who have a shop in buildings with address.. Not to the road side poor merchants.

4. Again you are telling everything from a city guy pov.

5. Most aren't standing in ques to change a huge chunk, they know that the limit is just 4000rs... You are expecting them to not have that too?

1. Why do people need large Chunk of CASH ? Why can't they use plastic money or wire transfer or cheques ?

2. What reality ?

3. Poor merchants and street hawkers do not do trade in Rs. 1000 notes.

4. True. Its for you to show how cheques do not work in Villages.

5. Let them stand in queue for Rs. 4000, what is the problem ? ICICI and HDFC and Axis banks do not have such long queues. Public sector banks have always been inefficient. Nothing to do with Modi govt.

Commerce is not biology.

Money should be earning itself. Multiplying.

Money is bank means. Money for big bad loans.

Money is rotting in bank
when we all know capabilities of politician compared to people working with their money. They will take it for granted. Money in bank is stupid. Nobody can earn means no tax and no jobs.

LOL...Seriously ? Do you know what Analogy means ?

Money do not 'rott" in banks. It is circulated in the market as loans. That is how the banks operate and that is how global economy works.

No reply is sufficient for a person who says "money in bank is 'stupid'" ... you need a lesson in basic economics which is beyond the scope of this thread.

This is the age of Electronic cash, plastic cash and for the old fashioned, a 'cheque'.

 

[duhastmish]

1. Why do people need large Chunk of CASH ? Why can't they use plastic money or wire transfer or cheques ?

2. What reality ?

3. Poor merchants and street hawkers do not do trade in Rs. 1000 notes.

4. True. Its for you to show how cheques do not work in Villages.

5. Let them stand in queue for Rs. 4000, what is the problem ? ICICI and HDFC and Axis banks do not have such long queues. Public sector banks have always been inefficient. Nothing to do with Modi govt.



LOL...Seriously ? Do you know what Analogy means ?

Money do not 'rott" in banks. It is circulated in the market as loans. That is how the banks operate and that is how global economy works.

No reply is sufficient for a person who says "money in bank is 'stupid'" ... you need a lesson in basic economics which is beyond the scope of this thread.

This is the age of Electronic cash, plastic cash and for the old fashioned, a 'cheque'.

World faced recession just recently. You know which countries survived and which plastic money economy collapsed.

Do you have any knowledge how many good loan and bad loan amounts are given by banks?

 

[TimePass]

World faced recession just recently. You know which countries survived and which plastic money economy collapsed.

Do you have any knowledge how many good loan and bad loan amounts are given by banks?

Dude the property market crash had nothing to do with plastic money. It was due to leverage.

US has 1:4 currency leverage, India has 1:1 currency leverage.

Good or bad loans are not relevant as long as banks are profitable. If the banks are profitable, your money is safe.

 

[duhastmish]

Dude the property market crash had nothing to do with plastic money. It was due to leverage.

US has 1:4 currency leverage, India has 1:1 currency leverage.

Good or bad loans are not relevant as long as banks are profitable. If the banks are profitable, your money is safe.

Which bank is running in profit?

India has currency leverage but what will happen in future is uncertain. India had best growth when there was max cash in market from 2005 to 2011.

I trust Modi he is my prime minister and I support him. But I don't trust his other generals who are untrustworthy worthy incompetent and corrupt.

 

[TimePass]

Which bank is running in profit?

India has currency leverage but what will happen in future is uncertain. India has best growth when there was max cash in market from 2005 to 2011.

I trust Modi he is my prime minister and I support him. But I don't trust his other generals who are untrustworthy worthy incompetent and corrupt.

Almost All banks in India are in profit.

Just because they have NPA does not mean they are in a loss. Even if they have a loss, the RBI has underwritten all deposits so no one will lose any money in any case.

Growth happens when the currency is in circulation, but that does not have to be in cash. It could very well be in electronic form like in the rest of the world.

In fact that will swell the economy and GDP EVEN MORE since those economic activity is visible and adds to the GDP via its products and services.

This is not about not trusting a few politicians in bjp, its about understanding the policy decision and its impact. This move has minimal negative impact.

 

[duhastmish]

Almost All banks in India are in profit.

Just because they have NPA does not mean they are in a loss. Even if they have a loss, the RBI has underwritten all deposits so no one will lose any money in any case.

Growth happens when the currency is in circulation, but that does not have to be in cash. It could very well be in electronic form like in the rest of the world.

In fact that will swell the economy and GDP EVEN MORE since those economic activity is visible and adds to the GDP via its products and services.

This is not about not trusting a few politicians in bjp, its about understanding the policy decision and its impact. This move has minimal negative impact.

We both are speculating you from bjp point of views. I am from past experiences.

Let's see who wins. If I win I win this argument

But if you are right. I will win in real sense. With a better future so good luck.

 

[TimePass]

We both are speculating you from bjp point of views. I am from past experiences.

Let's see who wins. If I win I win this argument

But if you are right. I will win in real sense. With a better future so good luck.

I NEVER speculate. PSU banks have shares listed in the BSE. You can check their P&L statements. Sounds Fair ?