After demonitization, and afer it has been announced and due to cash crunch in the banks, i think the concept of core banking is not in practice. Informal instructions are given to non holders of that branch a/c to go and get the meagre amount, fixed by the bank for individual customers from the actual branch of the same bank, where he has the account. This is a drawback to centralized banking system or core banking which had been introduced as banking reforms. Due to the availability of cash, the managers are informally asking the non customers to go to their bank branches. Viewers have also expressed in tv programs about those things.
Does it good. If supppose, one has an account in othre states, previously he could go to any atm or bank branches with his cheques to draw the required amount from his account. But will not be impracticable to visit the other state to withdraw the money. Why, elders also would find it difficult to move from nearest branch to his origianal branch in his place. Does that not mean that corebank concept is loosing relevance?
The cash crunch is the main reason for this . Would not the RBI see those things in their day to day changes in notification on legal currency
CAclubindia
