Batting for BHIM
You must hand it to NITI Aayog CEO Amitabh Kant for pushing the BHIM-Aadhaar App at every opportunity he gets at public events. At a recent Mastercard event in the capital, this senior government official came up with a response at communications consultant Dilip Cherian’s expense. When Cherian remarked as to how people are still uncomfortable using any digital payment instrument other than the credit card, pat came a reply from Amitabh Kant: “If you have not switched over to BHIM-Aadhaar (App) as yet, then you are frozen in time. You are not fashionable enough!”
Now for the uninitiated, BHIM-Aadhaar Pay App is a mobile application for Aadhaar-based payments through the BHIM App for merchants. It allows users to make payments through the fingerprint scanner, by authenticating the biometric details of a user with the Aadhaar database.
Credit card surcharging, although illegal, is quite the norm in India. Surcharging happens when the retailer adds on an extra fee to a credit card customer. Till recently hapless customers keen to use credit card instruments had to grin and bear this additional cost. Finally, though, help is at hand for customers in the form of a ‘national helpline’ that may soon see the light of day, if payment industry insiders are to be believed.
Now, this facility should have come when demonetisation was abruptly introduced, say critics. Still, better late than never. The moot point is whether the payment industry will blacklist merchants who indulge in surcharging? Or do we need a regulator for digital payments? Difficult decision this!
Pre-decided?
Banking industry circles are rife with speculation that the candidate to replace SS Mundra as RBI deputy governor has been “pre-selected” and must be from the private sector! So what has led to such a bizarre conclusion? It is the para on “desirable” qualifications in the advertisement — inviting applications for the post of deputy governor — placed on the RBI website. What is desirable is an appreciation, as a practitioner, of the role of banks in large corporate lending, in an environment with strong bond markets, the advertisement said. Also desirable is an understanding of bankruptcy, restructuring, turnaround, credit models and/or the candidate having overseen the risk management function in a large financial institution.
Now the big question is whether what is desirable will finally be available. Especially when there is little talent — with the requisite domain expertise — within the Indian banking system that will fit these “desirable” experience criteria. Only time will tell! What is more interesting is that the latest advertisement has dispensed with “experience as a CEO” as a criterion for the ‘banker’ candidate.
Hardselling tradition
Agarbatti (incense) producers recently submitted a petition to the Government asking for lowering of the proposed GST rate for the sector. In a meeting with Revenue Secretary Hasmukh Adhia, the industry association argued that imposing high rates could deal a crippling blow to the industry that was providing employment to millions.
Interestingly, the association did not stop at making pleas on economic grounds. Instead, it elaborated on the strong traditional values that the industry propagated and stressed on its roots going back to Vedic times. When it comes to getting its pleas heard, the industry doesn’t want to leave any stone unturned!
Tailpiece
The RBI deputy governor is to get ₹2.25 lakh a month — not much compared to what a private sector bank CEO whose average daily pay is almost that amount! Nevertheless several top-notch bank chiefs are expected to throw their hats in the ring.