Sir,
Whether demonetisation of currency notes achieves its objectives or not, one issue that tossed up during the month long exercise is that banking sector in rural areas has not flourished much. It came to fore that villagers have to travel long distances to do banking.
The long queues of people before banks in rural areas facing numerous problem is a testimony to the fact that banking sector has to be revamped in rural areas. More small and big bank branches have to be opened to meet the needs of people. In Jammu and Kashmir, people did not feel much pain on account of demonetisation lends credence to the fact that the State has a robust banking system. Such a scenario is hardly seen outside this State.
Though Government is making every effort to go cashless, it is very difficult in the present scenario to anticipate such a development in the near future. It will certainly take time before masses will go for transaction/transfer technology.
Yours etc….
Som Raj
Ghorata Thathi
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