Paytm is the new way of beating the money woes caused by the latest demonetization of Rs 500 and 100o notes. In metros auto rickshaw drivers and radio taxis accept Paytm as a mode of receiving money. It’s high time people in Meghalaya learn to adopt cashless transactions and not moan and groan by bringing in the, “poor cannot use card,” argument. Those who advance these clichéd arguments always believe and make others believe that the “poor and the illiterate” have no intellectual resources. That’s a wrong perception! In many villages of this country the poor are being serviced by business correspondents (BCs) who are linked to banks through micro-finance companies. They deposit cash and withdraw it without having to enter a bank. Why are these services still so alien to Meghalaya? Who is responsible for introducing the benefits of such transactions to people in the rural outback? This is what financial inclusion is all about! It’s time to hold the banking sector accountable for failing to reach the last mile and not stretching themselves enough to service the rural population.
As in any Government initiative, the recent demonetization process has also generated a lot of rumours about old currency not being accepted by petrol pumps, hospitals etc., and that some people have died after hospitals refused to admit them since they had no new currency to pay for. These are the current posts on social media that quickly go viral. The Union Government should have anticipated that such rumour mills would be hyperactive and tried to quell them using its machinery. Meanwhile, shopkeepers in Police Bazaar, Shillong are still accepting the old notes for purchases made. The merchants are saying they have ample time to deposit the old currency and are not overly worried. However, there are some private hospitals that refuse to accept the old currency. Government should deal stringently with such hospitals. Again there are rumours floating around that the 10 Re coins that banks have been giving out are fake and people refuse to accept these coins at pharmacies etc as change. Such rumours do no good to anyone. The State Government here has to deal with this quickly and effectively.