Thursday, October 22, 2009

5 rupees for a cheque

If that sounds absurd, imagine you will pay 5 bucks for an e-transaction. Actually some time back the RBI allowed banks to charge 5 rupees for NEFT transactions.

Yes, the same e-transaction that allows banks to employ less people, build less branches and use less manpower and get technology to do all the work.

I don't recall who had blogged about it, but it is one amazing neanderthal move. So, if you want to save 5 rupees, go stand in a queue at the bank or put in a cheque which will then utilize the services of a million people and blow more money than that? Or will e-cheques cross subsidise the paper cheques? Well, many people like me wont, because I value my time too much to stand in a stupid queue, but there are others who will...

Indian railways, take a cue - reduce the quota online, get everybody standing in a queue for booking and cancelling tickets. Ditto theaters. Lets start pushing paper once again like the good old days...

1 comment:

Kitchie said...

That's one way of looking at it. Another way of looking at it is "It is easy money for banks to collect without doing anything" On the one hand you have NPAs and on the other hand you have revenue for nothing - Boost to the bottom line.

A third logic could be "Convinience fee" The banks made your life easy by providing you this feature adn are charging a small fee for it.

Besides, our socialist leaders would say whenever u move from labor intensive work to capital intensive, pay up for the job-loss that you caused.

P.S. The above is NOT my beliefs/opinions - It is just me trying to argue for no apparent reason:)