Today 21st November 2016 is 13th day of decommissioning of 500 rupee and 1000 rupee notes. Today I went to Kailash Hospital, Noida to see a doctor. The OPD charge was 500 rupee but they refused to take old 500 rupee note. Although hospitals are required to take old 500 rupee notes, Kailash Hospital( A private hospital) refused to take it. Luckily they were accepting payment by credit card and I paid by credit card. It is not like that Kailash Hospital is an isolated case. Refusal of private hospitals to accept old currency notes is in news also.
After visit to hospital I went to Kotak Mahindra Bank, Sector-18, Noida to withdraw 10000 rupee from my saving account. I reached the bank at 12:00 PM and I found that no one with withdrawal request was being allowed inside the bank because bank did not have any cash to dispense. None of the ATM were working. This place have more than 20 ATMs but none of them was working.
Banks are not dispensing the cash they are having with them to force people to use online transactions and debit card/credit card payments. Banks are charging commission to merchants as high as 5% for accepting credit/debit card payments. Banks are having conflict of interest with dispensing cash from bank for which they don't get any commission. Banks don't dispense cash so that they can make money by commission from electronic transaction merchants.
Today online wallet company Paytm has waved off transfer to bank account charge which was 4% till 31st December 2016. It is a welcome step but it came 13 days after demonetization. Government should make a law which prohibit banks and online wallet companies from charging commission to merchants. The merchants who are accepting credit/debit cards have increased price of the commodities because other shops who don't accept credit/debit card are not in competition. The merchants who have started accepting credit cards recently have increased price of commodities to cover for commission they need to pay to banks for transactions.
I was lucky enough to withdraw 2500 rupee from ATM from my two account because luckily I found one ATM which was being refilled and I happen to be a earlier few customers. After that I am not able to find a working ATM or a bank with cash to dispense. I am left with 200 rupee with me now.
After visit to hospital I went to Kotak Mahindra Bank, Sector-18, Noida to withdraw 10000 rupee from my saving account. I reached the bank at 12:00 PM and I found that no one with withdrawal request was being allowed inside the bank because bank did not have any cash to dispense. None of the ATM were working. This place have more than 20 ATMs but none of them was working.
Banks are not dispensing the cash they are having with them to force people to use online transactions and debit card/credit card payments. Banks are charging commission to merchants as high as 5% for accepting credit/debit card payments. Banks are having conflict of interest with dispensing cash from bank for which they don't get any commission. Banks don't dispense cash so that they can make money by commission from electronic transaction merchants.
Today online wallet company Paytm has waved off transfer to bank account charge which was 4% till 31st December 2016. It is a welcome step but it came 13 days after demonetization. Government should make a law which prohibit banks and online wallet companies from charging commission to merchants. The merchants who are accepting credit/debit cards have increased price of the commodities because other shops who don't accept credit/debit card are not in competition. The merchants who have started accepting credit cards recently have increased price of commodities to cover for commission they need to pay to banks for transactions.
I was lucky enough to withdraw 2500 rupee from ATM from my two account because luckily I found one ATM which was being refilled and I happen to be a earlier few customers. After that I am not able to find a working ATM or a bank with cash to dispense. I am left with 200 rupee with me now.
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