This post is my own musings, Not liable for the content . Take it with a pinch a salt .
Unyielding and Difficult Decisions
So much discussion and turmoil is associated with the word (Demon)Demonetisation ? . The word still causes tremors in the minds of every citizen. The initiative was one that affected each and every citizen no one was spared of its wrath and the havoc it caused due to being abrupt.
Rumours are still flying around that there will be a second coming of (Demon)etisation monster , but the victims will be the crips pink notes. Hopefully they are prepared better this time after having learnt the hard way by burning every finger .
Now why am i talking about Demonetisation. was not the scheme a big dud which failed its objectives, read further the next para spins the tale that unfolded .
The days following the ban on 500/1000 currency notes on 8 Nov did a big hit on the common citizen, many had to leave their work to stand for hours in front of Banks/ATM to get money, severely affected were the daily wage workers who had to forgo their work(in turn their food) to collect money . My situation was not so bad as i was to transacting online for many items ( Part of 1% who pays each and every damn tax out there ), i did make two rounds to the bank to exchange savings. ZZZZ . Fast forward to today, my wallet is disappeared albeit the cash/notes has disappeared from wallet. Almost all transactions are done through Paytm/UPI ,just look at the number of fintech players who are doling online wallets (Definitely two or more will spawn into unicorns ), being in a metropolitan city does haves its advantages as almost everyone has jumped the SmartPhone bandwagon .
Did Demonetisation cause this? was this one of the goals. Ahem,Ahem Where is the black money ? I do agree that he goals were noble, but the approach and execution was shaky as the magnitude of the operation was humongous, The entire nation stopped for a week as if in preparation for a war. This was a war, which will make sense if see the outcomes it created .
Gone are the days of long queues in banks/ATM, India’s finance infrastructure has leapfrogged all the developed countries in one fell swoop. India now has the best financial infrastructure in the entire world, the infrastructure built on the Aadhar/UPI platform is mindblowing, carrying out otherworldly number of transactions everyday. Money gets transferred instantly validating the troubles and tribulations faced by the people building the infrastructure, special mention to JIO, without which the pace of online acceptance would not have reached .
Only an electric shock can revive a stopped heart, this is the exact case that happened to Indian finance, a big wakeup call. Naysayers might point out to the associated frauds , well ‘Rome was not built in a day, but we need to make sure that it doesnt fall in one day’. Hopefully the system stabilizes and improve with amazing new feature as the days go buy.
Bank A/C can now be opened in a jiffy on mobile phone, money to paid to a vendor is instantaneous, remember the days when u had to return empty handed because u had 500 rs for a 5 Rs. curry leave or grudgingly taking the 2rs Eclairs because the shopkeeper did not have change. The future looks promising in fintech . “Cough ..Cough”… was Demonetisation a failure ?