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Actually dealing with banks is a luxury which Urban Indians assume is available for everyone. Its not. Most banks are huge red tape in India and corruption is
by kamaal 10y ago
Actually dealing with banks is a luxury which Urban Indians assume is available for everyone. Its not.
Most banks are huge red tape in India and corruption is quite common. Even to dispense cash/loans a lot of times local rural banks ask for bribe. Which is why most people go a distance to avoid dealing with banks.
This problem was addressed by co-operative societies to an extent, but it doesn't scale though.
Debit/Credit/Electronic transfers are for the privileged in India.
- Manishearth 10y agoFWIW post office savings and patpedhis exist and can be a viable alternative to banks, but you're right in that it's still problematic (and these can be more prone to corruption).
- mindentropy 10y agoI completely agree. We can see the full picture of it now. The banks are such a pain and since most of the banks are nationalized the employees are a real pain. The post offices do not even have proper facilities to store large sums of money and there are cases where rats have eaten currency in lockers!