Hello Sreedhar, thank you for the insight. But if this eRupee gains ground, wont it be a bad business for bank? Since rbi is cutting them directly? And what about the security of those eRupees at customers and rbi both places?
Thank you for reading, Dharmil :) Hope you've subscribed as well.
It will definitely be bad business for banks. Which is why I've said it doesn't play into their incentives to get more deposits. The important question is can the RBI get something to gain traction even if it's against banks' interest to do so? How will they get through to the banks by displeasing their immediate regulatees?
As for the security aspect, since this is just a pilot there isn't enough info out there about how the eRupee works. It really depends on what design choices -- both system and tech -- RBI is making here (which from what I've gathered is also by itself a work-in-progress).
Hello Sreedhar, thank you for the insight. But if this eRupee gains ground, wont it be a bad business for bank? Since rbi is cutting them directly? And what about the security of those eRupees at customers and rbi both places?
Thank you for reading, Dharmil :) Hope you've subscribed as well.
It will definitely be bad business for banks. Which is why I've said it doesn't play into their incentives to get more deposits. The important question is can the RBI get something to gain traction even if it's against banks' interest to do so? How will they get through to the banks by displeasing their immediate regulatees?
As for the security aspect, since this is just a pilot there isn't enough info out there about how the eRupee works. It really depends on what design choices -- both system and tech -- RBI is making here (which from what I've gathered is also by itself a work-in-progress).
Dood cuck the bank.
Can you imagine now the future,
Day 1 - sreedhar has saved 1 crores
Day 2 - sreedhar ,akes a post on adani
Day 3 - sreedhar can't pay his home loan emi , e¥ problems.
Day 4 - 5 other people are facing same problem, everyone in gobarmint is doing everything to solve problem.
Day 10 - sreedhar kicked out from house, and house sold from under him to goonda/MLA
Day 11 - sreedhar goes to lawyer to complaint, lawyer takes case for free, fights and fights.
Day 1111 - sreedhar gets his munni e¥ back.
Day 1112 - sreedhar can't get home back, his life back or anything