This is happening in India only

This is frustrating to go to bank with so many people doing different transactions and every counter packed with customers waiting for their turn to complete formalities. This is not easy completing transaction of money whether this is depositing or withdrawal. The concept of ATM has made things easier as far as withdrawal is concerned but depositing cash is still a big problem.

So, E-transaction seems to be the future of shopping in a country that will have almost 1 billion internet users in very near future. In fact, we already have touched that figure in mobile sector but the way the internet is spreading its wings and the service provider are fighting to increase their database with cheaper internet services the possibility of touching 1 billion doesn’t look a farfetched idea.

Since the access of internet coming within easy reach of most people in our country, this has become comparatively easy to transfer funds easily from one account to other although this attracted a fixed amount as transaction charges although government has just announced to forgo it in certain cases and decrease it from the existing rates. Our central government has instructed reserve bank of India to withdraw such charges as soon as possible.

There are certain risk factors in online transfers but with modern security checks, these have been reduced up to minimum level although, these are comparatively lesser while it comes to carrying cash from one place to other for different transactions including depositing in a bank. This sounds a big relief that we can deposit cash and transact without paying any extra charges in other bank accounts as well.

No tension – no frills- yes that seems to be the mantra of success to bring the new business for startups in India for time being as the entrepreneurs are doing their best even if they have to take more risks. However, some of them suffered a setback during the recent phase of demonetization although most of them are back on track.

There is only one bank to date that allows transaction of INR 100,000 without any transaction charges on any electronic transfers but most other banks are charging at different rates. Generally, the bank charges applicable on NEFT (National electronic money transfer) and RTGS (Real time gross settlement) differ from Rupees 5 to 55 depending on amount transferred. This charge was too high until a few years back when transferring even a sum of Rupees was higher than 150 in most cases. Thanks God the charges have been reduced now.

What I think is that if Reserve bank Of India develops a system that would allow customers to transact without any charges on it then the public of this country would feel a lot safer by doing so. Online transaction is free from risks involved of handling cash with increased criminal incidents while doing so.

We can move ahead with use of technology only as they say “There is no gain if you have no capacity to take risk”.  We are pleased to see that more and more businessmen coming forward from higher educated background and doing well.

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