Sanction 5000 rupee overdraft to every aadhaar linked Jan Dhan account

5000 rupee loans were promised to jandhan account holders. Banks were using their discretion in sanctioning the loans. A promise is a promise. UPA it could be recalled had promised to give 100 rupees to every person who enrolls for aadhaar. The promise was never kept in view of the precarious fiscal situation then.

Now, After Demonetization banks are full of cash and people are dying of cashless-ness. This situation has arisen because only a few have large amounts of cash. Poor don't even have minimum balance, how will they withdraw money. The government should ready a scheme to give incentive by either letting people avail 5000 rupee loans in their aadhaar linked accounts electronically or let them apply in banks for the promised Overdraft to everyone.
Back of envelop calculations show that this will lead to re-monetisation upto 1.25 lakh crore if every one of the 25 crore jandhan account holder uses the OD facility.

BBPS- All Bills Single Day Deadline

As the name suggests "Bharat Bill Payment System" is a noble and grandiose mission, a solution looking for problems. Sometime ago there was a committee of learned men which calculated that on the whole our countrymen pay more than 20 lakh crore amount in bills to utilities or service providers every year.

It beats me as to how regulatory diktat can solve problems associated with electronic payments. How will people take to electronic payments if you make them visit a kiosk? Even if there is some value addition won't it be better if customers themselves acquire digital skills. BBPS looks more like a solution searching for a problem. Several sites mention that banks would like to charge a small amount for the convenience provided due to the service. If I may chip in my suggestion to the already voluminous recommendations, I would like to get rid of payments on various days and pay only on one day of my choice. I would also like to have a "Single Deadline Payment".... which can be called All Bills Single Day Deadline.

I am completely exhausted of paying the following people monthly on different days:

Telecom Provider

Electricity Provider

Water Service

Gas or LPG service

Insurance Companies

Home EMIs
DTH bill
etc etc etc....

Here is some information from various sites:

History:

RBI’s plan to implement an ‘anytime anywhere’ centralized payment system is based on a report submitted by the GIRO (Government Internal Revenue Order) Advisory Group. GIRO Advisory Group (GAG) was constituted by the RBI in October 2013, under the chairmanship of Prof. Umesh Bellur, Indian Institute of Technology, Bombay to implement a national GIRO-based Indian Bill Payment System.  The panel had recommended a mechanism for centralized bills payment system in India, mainly by laying out 2 organizations: 

• Bharat Bill Payment Services (BBPS) 
• Bharat Bill Payment Operating Units (BBPOUs)

What is it Exactly?

As per the framework, a customer will have a single location—physical or electronic—where she can pay bills such as for electricity, telephone, water, gas, and direct-to-home television. There will be instant confirmation once the payment is made. Payments can be either made in cash or through any of the various electronic modes of payment.
(While I am all for convenience of the customer.... It beats me what new thing the BBPS is bringing to the table... What problem it is trying to solve)

Its time for Turant Aadhaar

Turant in Hindi translates to Instant. Aadhaar enrollments have crossed 110 crore(1.1 billion). It is now time for aadhaar enrollments to be made only in PECs(Permanent Enrollment Centers). If that happens and since aadhaar biometrics collected could be instantly transmitted to the UIDAI offices(CIDR-Common Identities Data Repository) We could very easily have instant aadhaar generation.

This implies people need not have to wait for two-three months to get the aadhaar number generated. They could as well walk out of the PEC with newly made aadhaar card in hand.

Usurious Insurance Companies the Reliance way of Life

Insurance is a subject matter of solicitation. Meaning it cannot be sold.

Despite this lack of understanding among agents makes them sell insurance as a marketable product. And agents in their desire for commissions sometimes choose a wrong person to "TARGET" as a customer. As a consequence a bitterness and bad blood causes people to go without insurance even when they need it.

A simple example is a person just starting his career. An agent comes to him with a life insurance policy proposal. The singleton does not have any dependents and his old parents have not yet retired. So there is no obligation or necessity for a life insurance. Or take the case of a working professional who is made to invest in an investment cum life insurance policy when the necessity is only for investment which can be done even in all the saving schemes such as RD(recurring deposit),FD(fixed deposit) or PPF(public provident fund).

This story is about akkamma(name changed to protect privacy) who serves as a domestic help. She got married and has a daughter. An agent approaches her with a proposal to invest in a high end child policy by Reliance Life insurance. Neither the agent nor akkamma realize the true purpose of taking out a life insurance policy. The family income of akkamma and her husband does not cross 20k rupees per month even when there is lot of work. She quit her job of domestic help and started Ironing clothes instead. The work leaves her exhausted. The agent convinces her to take out a policy for which she has to pay 6 thousand every six months. After some 18 years when the girl child achieves majority the policy would give her some money. Problems such as ill-health due to pneumonia left akkamma with little to save and she had to borrow money to pay for the insurance. Since two years the policy has not been renewed while the money that  she paid till now has come to 60 thousand rupees. If she does not pay 24000 rupees she might lose a large part of the money she has invested.

These kind of stories never end in my country and the government comes out with several insurance schemes for the poor. The problem is lack of awareness. While private insurance companies attract agents who have only their commission in mind true sufferers are the common man who does not get the right guidance or financial saving instrument for weathering the rough times. Life is made miserable by the greed of a few people.