WISHING ALL MY FRIENDS A VERY HAPPY 2021
With festive season going on for last 2 weeks, there is not much political activity around the word. There are only two news in India, which are farmers’ strike at Delhi border and Corona vaccine. It was really heartening news that Indian govt has given permission for the start of vaccination, which might start by mid Jan 2021. Let us keep our fingers crossed and wait for the results, meanwhile all state govts are preparing themselves with the modality of how to store vaccine, and are in process of finalising the locations of Vaccination centres in various cities and other district places.
In my other general topic of the day, I am writing about the modern operating system for your bank account.
Banking now is changing rapidly, gone are the days of cash deposits, cheque payments and clearing, demand drafts for payments etc. These systems payment making and receiving ruled the roost for last so many decades, looks like they are gone. Finding time to go to banks used be one important activity. You will be shocked to know that the banks which used to work relentlessly and staff had to work even after office hours are now not working on 2nd and 4th Saturday of the month.
This has been made possible by the fact the most banking transactions, both between people and organisations, can now be done with just a click of a button. Taking one step further is mobile banking,
With the advent of smartphones, it was only a matter of time before banking institutions realised that having a mobile application can be far more convenient way of accessing accounts and even using a computer. Now all public and private sector banks have their mobile apps. Some apps even go the extra mile and let you pay bills and invest money directly from their apps.
Banks have added enough safety precautions, so that no one else can use your account without your PIN (Personal identification Number), just like your ATM PIN, you need to log in to the mobile app and with putting your PIN, you can not access your account.. So mobile app ensures that no one else can have access to your account details. You can add or delete the name of beneficiaries with whom you want to deal
The benefit of moving to mobile app, is sheer accessibility of course. Most mobile app contain less pages than their corresponding web pages, which means you can access your account from anywhere, with basic internet connections. Now with the mobile companies having 3G/4G network provides you easy internet access. This can be very important when you are travelling. Secondly, the need to visit bank branch is almost eliminated. Security wise as long as you only connect to trusted internet connections and keep your mobile banking PIN confidential, you have nothing to worry about.
All the banks are providing enough tips, on how to keep your account safe while operating through the net banking. If you follow their safety tips, then there is no need to worry. With the present govt giving boost to digital banking, now even poor people like farmers, workers, shopkeepers are using mobile and digital banking, as smartphone with basic applications are becoming cheaper by day. Secondly govt is transferring all the benefits to poor people in their bank accounts, with mobile banking one gets immediate message of funds coming into thee one’s account. One more factor which gave boost to digital/mobile banking was the demonitisation of currency notes in end 2016.
The move to paperless transaction is here, and mobile banking is a one right step in that direction to achieve total paperless society.
Awaiting your comments and feed backs.
Anil Malik
Mumbai, India
04th January 2021