Technology disrupted finance many times over in the latter half of the past decade. Bank accounts, brokerage accounts, credit cards, mutual funds—some of the most important and basic financial products—can be opened in a matter of minutes, provided you have basic verification (KYC—Know Your Customer) in place. India’s expansion of financial services has been so successful that the International Monetary Fund (IMF) wrote a paper in February 2021 on how other emerging markets and developing economies can learn from our experience in building the now-famous digital infrastructure called the India Stack. Fintech is part of this transformation.
While there was no single magic moment or tipping point for fintech in India, one of the earliest predictions was back in 2015 by Nandan Nilekani, co-founder of Infosys and ex-chairman of the Unique Identification Authority of India (UIDAI). UIDAI developed the Aadhaar biometric system which is the ‘A’ in the JAM trinity (Jan Dhan–Aadhaar–Mobile), widely acknowledged as a pivotal driver for financial inclusion in India. Nilekani, while talking at an entrepreneurs’ meet organized by The Indus Entrepreneurs (TiE), said, and I quote from an NDTV article:
. . . in 2009 there was a WhatsApp movement in telecom. My analysis is, in 2015, there is a WhatsApp movement for finance in India.
Change is coming on many fronts . . . new licences, smartphone Aadhaar identification, e-sign, payment banks, etc. Some of it is regulated, some of it is technology, some of it is design, and some of it is market . . . [link to full video]
Nilekani was right and change did come in a very big way. Paytm’s digital wallet in 2014 was the first (Mint, 2019) Indian app to use a quick response (QR) code. It was such a runaway success that by December 2017, Paytm became the first Indian app to cross (Singh J., 2017) 100 million downloads. In April 2016, the Reserve Bank of India (RBI) launched the Unified Payment Interface (UPI) which went on to transform digital payments in India. In September 2016, Mukesh Ambani announced that Reliance Jio would offer free voice calls and unlimited data till 31 December 2016; Jio added 50 million subscribers in eighty-three days (Sengupta & Khan, 2016) and India is now the world’s largest consumer of mobile data (Abbas, Economic Times, 2021). In November 2016, Prime Minister Narendra Modi announced demonetization of currency notes of Rs 1000 and Rs 500 denominations which would play a major role in spurring payments via digital platforms. All these seemingly unrelated events played a huge part in sparking the fintech revolution in India. Today, QR codes and UPI are the things we take for granted while making payments through our smartphones to just about anyone, from kirana shops to newspaper vendors. And the success is of a global scale. To put things in perspective, UPI crossed US$ 100 billion in value in December 2021 (Singh, T.D., 2022), just over five years after its launch.
Fintech sits right at the top of India’s huge start-up ecosystem. The National Investment Promotion & Facilitation Agency’s website states that there are more than 2100 fintechs existing in India today, over 67 per cent of which have been set up in the last five years. The Indian fintech industry ecosystem consists of subsegments including Payments, Lending, Wealth Technology (WealthTech), Personal Finance Management, Insurance Technology (InsurTech), Regulation Technology (RegTech), etc. With the pandemic restricting our movement, everything went online. NASSCOM, India’s apex body of the information technology and business process management (IT-BPM) industry, called 2021 ‘The Year of the Titans’. In its January 2022 report, NASSCOM stated that BFSI (which includes fintech start-ups) in India enjoyed a lion’s share of investments across all stages. In 2021, India added thirteen BFSI unicorns, and saw an increase in seed and late-stage median ticket size by four times, and had more than fifteen rounds of US$ 100 million-plus funding.
The best way to understand technology’s impact on personal finance is to open your smartphone and check the number of personal finance apps. Almost every financial product in your life will have an app. So, you will have the apps of your banks (HDFC Bank, SBI, etc.), payments apps (like Paytm, Google Pay, etc.), investment apps (Smallcase, Paytm Money, ET
Money, etc.), domestic stock market apps (Zerodha, Angel One, IIFL, etc.), international stock market apps (Winvesta, Vested, etc.), portfolio tracking apps (INDMoney, Mprofit, etc.) and so on and so forth. Even these are just scratching the surface because there are apps for lending, insurance, crypto and more. Payments are integrated within shopping apps such as Amazon, delivery apps such as Zomato, lifestyle apps such as Myntra, etc. So, you can now choose to pay via UPI, digital wallet, credit cards, and—one of the hottest fintech areas of the past few years—buy now pay later (BNPL). Thus, fintech start-ups in India have transformed financial habits in general and access to financial products in particular. For example, today, we can buy US stocks like Apple and Tesla sitting in our homes in India—all with the tap of an app. And people are lapping this up. In 2021, as per a Times of India article (Hariharan, 2022), investments by Indians in the US stock markets more than doubled to US$ 300–500 million. Apps have enabled a change in saving habits, which can be seen in the ease of onboarding and starting an SIP in mutual funds. Starting an SIP is an easy and seamless process and, as mentioned earlier, SIP inflows in December 2021 crossed (Raj, 2022) Rs 11,000 crore—which is remarkable because SIP inflow was probably a rounding-off error in mutual funds flow a few decades ago. The sheer range of financial products now can be dizzying to anyone new to finance. And this is where technology played a role yet again—by creating a world of content to help us.
The excerpt is from ‘The Wisest Owl: Be your own Financial Planner’ by Anupam Gupta (Penguin Random House).
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PANKAJ BHARGAVA’S TRAVELOGUE UNVEILED BY AMBASSADOR OF NORWAY
Pankaj Bhargava’s travelogue titled “Khanabadoshiyan,” published by Vani Prakashan, was recently unveiled by Hans Jacob Frydenlund, the Ambassador of Norway to India. The launch event, which was held at the Royal Norwegian Embassy in New Delhi, was hosted by Aditi Maheshwari-Goyal, Executive Director, Vani Prakashan Group. “I am happy to see that for the first time a travelogue about Norway has been written in Hindi.
It is hoped that through this book, Norway will become better known as a nation of friendship and hospitality, “rejoiced Ambassador Frydenlund.”
Arun Maheshwari, Managing Director, Vani Prakashan Group, who was also present on the occasion, averred, “In my opinion, nomads are that light scent of a natural fragrance that shakes the dream of life. I am certain that the Vani Prakashan Group’s relationship with Norwegian literature, which has been flourishing for almost 25 years, will reach new heights with Pankaj Bhargava’s travelogue. “ A book reading session was also held as part of the event, wherein Bhargava read out some of his favourite sections from the book. “I hope that my travelogue will inspire young people to visit Norway. “I would like to dedicate the travelogue to my readers,” said Bhargava.
While recounting his experiences of travelling across Norway with his friends, Bhargava recollected the challenges that they had to face to catch a glimpse of the Northern Lights, coined by Italian astronomer Galileo Galilei as’ aurora borealis’ in 1619—after the Roman goddess of dawn, Aurora, and the Greek god of the north wind, Boreas.
They are a natural phenomenon found in both the northern and southern hemispheres of the Earth’s sky, predominantly seen in high-latitude regions. Auroras typically display dynamic patterns of brilliant light that appear as curtains, rays, spirals, or dynamic flickers covering the entire sky.
Sharing her thoughts about Bhargava’s travelogue, noted theatre artist and writer Rama Pandey opined, “‘Khanabadoshiyan’ is a sweet book and such sweet books, which are light in weight, relieve you from stress.” I must congratulate Pankaj Bhargava and the Vani Prakashan Group for bringing out such a book. “ Noted poet Aalok Shrivastav said,
“When a journalist associated with the visual medium writes, the observation is bound to be very good in his writing.” In fact, ‘Khanabadoshiyan’ is so visually rich that it is not just a book but cinema in 70mm.”
Praising the travelogue, noted writer Bhagwandas Morwal asserted, “Pankaj Bhargava’s book is a travel memoir. More such travel memoirs should come out in Hindi.
The veteran poet Suman Keshari, who was also present on the occasion, congratulated the author and said, “From what Pankaj wrote about Norway in his book, it was as if we had seen the city through his own eyes.
Defying parental wishes, cultural expectations
Jahnavi Barua belongs to that growing pantheon of Indian writers in the English language whose style is a new movement in literature that has quietly developed almost unseen over the past few decades. The story is mainly set in Assam and Bangalore and touches upon various themes like home, family, belonging, finding oneself, and self-love—all of which will touch the readers in some way. It is Assam in the 1980s. As deep political unrest simmers in the background, the intertwined lives of a household will change forever. The book talks about estranged families and relations and how they can be mended over time. “Undertow” explores how family dynamics are altered when a family member chooses to marry an “outsider,” in defiance of cultural expectations and parental wishes. The novel also deals with how relationships undergo a sea change when a family member defies societal norms and parental wishes to marry an “outsider”.
Loya is twenty-five: solitary, sincere, with restless stirrings in her heart. In an uncharacteristic move, she sets off on an unexpected journey, away from her mother, Rukmini, and her home in Bengaluru, to distant, misty Assam. She comes looking for her beloved Asian elephant, Elephas maximus, but also seeks someone else-her grandfather, Torun Ram Goswami, someone she has never met before. She arrives at the Yellow House on the banks of the Brahmaputra, where Torun lives, not knowing that her life is about to change. Twenty-five years ago, Rukmini had been cast out of the family home by her mother, the formidable and charismatic Usha, while Torun watched silently. Loya now seeks answers, both from him and from the place that her mother once called home. In her quest, she finds an understanding not only of herself and her life but also of the precarious bonds that tie people together. A delicate, poignant portrait of a family and all that it contains, “Undertow” becomes, in the hands of this gifted writer, an exploration of much more: home and the outside world, the insider and the outsider, and the ever-evolving nature of love itself.
The story is universal, and the reader will relate to it because it is the story of people around us. Author Jahnavi Barua tried to explore what happens when reconciliation doesn’t happen. We learn how to deal with other human beings right from childhood and within our families. While we learn about love, trust, loyalty, honesty, ambition, hard work, and politics in an extended family, we also learn about rejection, betrayal, and selfishness. Author Barua tried to tell us that we go out into the world with what we learn in a family. The tangible and intangible ways we respond to people depend on what we learned growing up. The core of the book is about what it is to be human, and a lot of it depends on being self-aware. There is a kind of positivity, acceptance, and tolerance in knowing what you want and getting it in a good way without stepping on someone else’s toes. The novel “Undertow” deals with the many such small things that make up a whole where relationships are concerned—how old hurts, grudges, and ego get in the way, as do new anxieties. With characteristic restraint and disarming, author Jahnavi Barua lays bare the disquieting predicaments of contemporary urban life and reveals the timeless and redemptive power of love, friendship, and self-renewal. It may sound unusual, but it is, in fact, an ingenious example of the effectiveness of narration; deeply touching, but never sentimental; restrained, but never frustrating; patient, but always page-turning. The beauty of Assam and the river Brahmaputra are so mesmerizingly described, which compels you enamored reading it and there is this uncanny yearning to see this heaven!
This moving book evokes in one a longing for the lucid exchanges that take place only in the most intimate moments. Rich in lyrical passages and rife with descriptive beauty. From impulsive, split-second decisions to the patient and overly optimistic, Jahnavi Barua writes with depth and evokes manifold emotions through her effortless prose and skilled storytelling. Terse and tense, this wonderful book is worth every second that you decide to spend on it. Quite adept at stirring emotions, the author addresses most characters, giving us their side of the story. Loya’s choice of men, in search of comfort and to be held, a physical action denied by her mother, surfaces now and then. Tarun’s guilt for abandoning his daughter runs parallel to his unabashed love for his wife Usha- the epicenter of all his troubles. The other characters bring a different perspective, this building is a story layered with emotions and the nuances of the human being and amidst all this is the Brahmaputra, a silent observer and sometimes a patient listener to the troubles of this family, a river that has seen this land come into existence, fight battles of its own and has offered solace to many a weary soul. The people of Assam believe fiercely in their roots, a rare love. This is the anchor that holds this story together, instilling in Loya the love for her roots and, finally, giving this family much-needed closure. This book is heart-wrenching, at the same time encouraging and full of hope. The story grips the reader in such a way through all kinds of emotions, sadness, and uncertainties of life. Raw feelings regarding abandonment as well as coming to terms with emotions so deep have been portrayed well. It is a book worth going back to on a day when you’d want to find the light at the end of your despair tunnel. This novel evoked so many unspoken emotions within you that your heart would be heavier with love and full of hope turned the last page.
Ashutosh Kumar Thakur is a Bangalore-based Management professional, Literary Critic, and Codirector with Kalinga Literary Festival. He can be reached at [email protected]
Usha- the epicenter of all his troubles. The other characters bring a different perspective, this building is a story layered with emotions and the nuances of the human being and amidst all this is the Brahmaputra, a silent observer and sometimes a patient listener to the troubles of this family, a river that has seen this land come into existence, fight battles of its own and has offered solace to many a weary soul. The people of Assam believe fiercely in their roots, a rare love.
Ashutosh Kumar Thakur is a Bangalore-based management professional, literary critic, and codirector with Kalinga Literary Festival. He can be reached at [email protected]
HERE’S A BOOK THAT HELPS YOU NAVIGATE THE UNCERTAIN NATURE OF JOBS IN INDUSTRY 4.0
A gripping book full of incredible insights, Rajesh Srivastava’s ‘The 10 New Life-Changing Skills: Get Them & Get Ahead’ is meant to equip professionals with necessary skills such as creativity, problemsolving, innovation, and design thinking, among others, so that they can remain relevant in an ever-changing business world
THE FUTURE OF JOBS
The earlier 3 Industrial Revolutions (3IR) created bluecollar and white-collar jobs. Now, the era of the Fourth Industrial Revolution (4IR), also referred to as Industry 4.0, has commenced. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres. The nature of jobs in Industry 4.0 is still not fully formed. It is still not entirely clear what shape and form they will take. Then how shall we prepare for jobs that are not entirely formed and are still evolving? A consensus is emerging that Industry 4.0 is creating ‘thinking and reflective’ jobs which can be labelled ‘green-collar’ jobs, because the colour signifies growth and renewal, sustainability and moving ahead. Green-collar jobs would require people to possess higher levels of cognitive skills, self-management skills, social skills and emotional skills. Let us dive deep into them to gain a cogent understanding of them.
HIGHER-LEVEL COGNITIVE SKILLS
Skill 1: Creativity. It requires the use of imagination to combine and connect different ideas in new and imaginative ways to come up with big ideas.
Skill 2: Innovation. It requires the discovery of opportunities and implementing ideas to achieve profitable results.
Skill 3: Critical thinking. It requires challenging traditions, questioning assumptions and defying norms that have outlived their utility, and installing new ones in their place.
Skill 4: Framing the right question. It will lead to the right answer, which will open up a treasure trove of new business opportunities that would have remained undiscovered but for the right question.
Skill 5: Smart problemsolving. It requires leveraging creativity, innovation, critical thinking and similar skills to come up with smart solutions.
Skill 6: Lifelong learning. It increases employability, accelerates career advancement, enhances self-confidence, helps one remain relevant and face the unexpected with aplomb. In brief, it is a passport to being a lifelong winner.
Skill 7: Storytelling. It is the most powerful way to put ideas into the world.
Skill 8: Influence without authority. It helps to get people to see your way of thinking, motivate them to support your initiatives and adopt your idea of their own free will.
Skill 9: Humanness. In the earlier 3IRs, people did what they were told to do. Therefore, they bought their bodies to work, leaving their minds and hearts behind. Industry 4.0 is giving birth to green-collar jobs which entail ‘thinking and reflection’. Therefore, people must bring their minds, hearts and bodies to work. It has the potential to unlock people’s unlimited potential. Skill 10: Entrepreneurial spirit. It is an intangible energy that inspires people to harbour aspirations greater than the resources at their command. When this spirit is alive, businesses keep their mojo and maintain their edge. These skills will help you adapt to yet unborn jobs, no matter what shape and form they shall take.
A word of caution:
These skills are not substitutes for hard skills, i.e., technical knowledge or training. Those you must acquire. But the combination of hard skills coupled with these skills will help you thrive in the workplaces of Industry 4.0.
The excerpt is from ‘The 10 New Life-Changing Skills: Get Them & Get Ahead’ (Penguin Random House India).
THIS BOOK ADDRESSES UNEXPLORED AREAS IN THE COPYRIGHT DOMAIN
The book ‘Novel Dimensions of Copyright Law’ edited by Prof (Dr) S Sivakumar and Prof (Dr) Lisa P. Lukose (published by Thomson Reuters) has officially been launched by Justice S. Ravindra Bhat, Judge, Supreme Court of India, in a function jointly organised by Indian Law Institute, New Delhi and CLEA (Commonwealth Legal Education Association) on 22 July, 2022. The book addresses in-depth hitherto unexplored areas in copyright domain such as copyright issues in online education, artificial intelligence, circulation of e-newspaper, deepfakes, synthetic media, social media, academic integrity, multimedia, online copyright exhaustion, software piracy, street art, etc., The guest of honor, Praveen Anand, Managing Partner, Anand and Anand introduced the book to the audience. The Chief Guest and the Guest of Honour emphasised the ever-expanding role of copyright laws in the era of ICT. Prof (Dr) Manoj Kumar Sinha, Director Indian Law Institute addressed the gathering and received the first copy of the book. Prof (Dr) Sivakumar, Senior Professor, ILI and Former Member, Law Commission of India presented editor’s response and (Dr) Lisa P. Lukose, Professor, Indraprastha University, Delhi proposed the vote of thanks.
ECOSYSTEM-BASED ADAPTATION GARNERING INTERNATIONAL TRACTION
Climate change and the pandemic have been with humankind as perennial problems for ages, wreaking havoc on human lives and prosperity. Mass vaccination has provided a semblance of respite to humankind from the scourge of the pandemic, but climate change continues to threaten the very existence of biotic life on Earth. Among the various solutions advanced by scientists to combat climate change, Ecosystem-Based Adaptation is garnering sufficient international traction, and its successful implementation in many countries, as portrayed in the book, is a testimony to its rationale and contemporary relevance. It presents a close examination of the role of ecosystem-based adaptation in managing river basins, aquifers, flood plains, and their vegetation to provide water storage and flood regulation. The book explores improved ecosystem-based services for managing floods, conservation of water and its resources, avoiding water scarcity, and ensuring long-term water security planning, in the context of sustainable development goals.
The academic and research worth of this book lies in its prime focus on applying ecosystem-based adaptation to major goals enshrined in the 2030 Agenda, which is touted as a plan of action for the prosperity of the people of planet Earth. The author has meticulously intertwined linkages between ecosystem-based adaptation and major sustainable development goals by specifically focusing on viz., tackling the problem of hunger (SDG-2) by ensuring food security; clean drinking water (SDG-6) by ensuring water security; sustainable cities (SDG-11) by moving towards sustainable smart cities; climate action (SDG-13) by understanding the magnitude of the challenge of climate change and suggesting means to cope with this problem; safeguarding life below water (SDG-14) by suggesting means and measures to sustain life below water; and protecting life on Earth (SDG-15) by adhering to means and measures that help conserve life. The salient feature of this book lies in its emphasis on nature-based solutions, with specific emphasis on ecosystem-based adaptation (EbA), and it recommends mainstreaming EbA into national, provincial, and local level adaptation plans as a means to realise the goals of Agenda 2030. This book is helpful to scientists, policy-makers, climatologists, development experts, and all those interested in saving this planet from the vagaries of climate change because it paves the way for easy implementation of sustainable development goals for ensuring a secure and sustainable future.
The book has ten chapters, and each chapter deals with the diverse ecosystems. The first chapter focuses on the concept of disaster and its interlink ages with notions of risk and hazard, along with an emphasis on vulnerability and resilience as well. The second chapter provides a brief description of the main components of climate change—atmosphere, biosphere, cryosphere, hydrosphere, and lithosphere. Chapter three focuses on the Ecosystem-based Adaptation (EbA) approach as a concept, along with a brief examination of the major ingredients of the approach. Chapter four takes into account the pros and cons of mitigation and adaptation measures to deal with climate change. Chapter four takes into account the pros and cons of mitigation and adaptation measures to deal with climate change. Chapter five deals with the theme of water security with a specific focus on the issues of water quality and water scarcity, and thereafter proceeds to analyse the impact of climate change on water. Chapter six takes into account the concept of food security, which is elaborated with a brief appraisal of the notion of hunger and the impacts of climate change on ensuring food security. Chapter seven deals with smart cities, along with a focus on linkages between urbanisation and sustainable development. Chapter eight focuses on life below water, with specific emphasis on environmental stressors like ocean warming, acidification, deoxygenation, and sea-level rise, along with anthropogenic stressors like plastic pollution, oil spills, overfishing, greenhouse gases, land-based sources of marine pollution, etc. Chapter nine focuses on the theme of life on Earth, with a specific focus on freshwater ecosystems, forests, genetic resources, wildlife, and land-use, etc. Chapter ten emphasises mainstreaming EbA in programmes and policies in the action plan at national and provincial levels. The concept of mainstreaming is examined along with categories of mainstreaming climate change adaptation.
The writer is a former journalist and works in the Haryana Electricity Regulatory Commission as Dy Director, Media.
Demons that haunted demonetisation
When the shock from the announcement had died down, the speculation began about how much money the government would rake in. The conversation turned to how many of the withdrawn notes had already been deposited officially. Ashwini initially covered these stories like everyone else, but her focus shifted when rumours started flowing in the market that most of the withdrawn notes had already been deposited in the bank. She started talking to accountants and bankers to do a show about how the money had been diverted to other less formal channels by individuals and corporations. The last afternoon and evening had been packed with absorbing interactions with bankers and accountants. Her first meeting had been with Mohan, a chartered accountant whom she had contacted through one of her acquaintances. Mohan had said that some of his clients had paid their employees their salaries in cash, some in advance payments, while others had teams booking airline and railway tickets in cash. These tickets had been cancelled later, and payments would be refunded later only in the new currency.
“A few of my clients made a lot of money too,” he said. Mohan liked to be on the right side of things, but he could not enforce that moral code on his clients. Several businesses ran primarily on cash, like restaurants, theatres, liquor shops, and petrol bunks. They offered to take the illegal currency and return it in new currency after taking a 20% cut. “Who is to decide what is right and wrong,” Mohan reflected, taking a rather squashed paan from a plastic pouch he always had in his back pocket. A large part of the Indian economy runs on cash and trust. The government’s sudden announcement had dislodged small enterprises from their familiar track. During that uncertainty, they decided to take any available opportunity to make money. Many people had purchased blocks of gold at a premium from gold retailers who were willing to accept cash. It was a windfall month for retailers, who had sold expensive items like watches, designer jewellery, and even paintings from art galleries. Mohan had suggested she speak to an accountant at one of the large auditing firms and also to a person named Chacko who worked at a multinational bank. “You won’t believe the things these guys advise their clients,” Mohan said, spitting out his pan into an old receipt and dropping it into the wet waste bin under his table. The next morning, when Ashwini went to meet the accountant at the well-respected auditing firm, he kept her waiting for an hour. When Mr. Senthil finally called her into his cabin, he insisted that what he said was strictly off the record. “Of course,” she said, and waited for his ruffled feathers to settle down. The best way, she had realised over the years, to get someone to talk was to stay silent and let them speak. Questions weren’t always the way to get answers. People needed to find their narrative. “Did you know that temples, mosques, churches—all of these religious places received massive donations between November and December 2016?” He waited to see how Ashwini reacted to that, but she stayed silent and watchful. “They have taken ‘donations’ from ‘believers’,” he said, pausing as he placed the air quotes for dramatic effect, “and returned clean money.” They realised cleaning money is more lucrative than cleansing souls. “How would they return the cash?” Ashwini asked. “Well, there are many ways. As you may be aware, most religious institutions are exempt from tax and are not monitored as closely as private companies. Nobody questions the fact that some temples may have received a sack of jewels or notes as a donation. The person who donated opened a dummy company. The religious institutions pretend to buy something from the dummy company by issuing a purchase order. They then pay out the money for a dummy purchase after deducting a percentage that was agreed on at the time of the donation, “said Senthil. The auditing firm that Senthil worked for did not get into such transactions, but he knew of others who were arranging for high-net-worth individuals to meet with heads of religious institutions. They were connecting high-net-worth individuals with builders, too. Builders were sitting on a pile of unsold inventory and desperately needed the cash. The illegal currency of the rich was being turned into bricks.”Did Mohan tell you about Toufique?” “No. Who is he? “Ashwini made a note of the name in her diary. “He is a councillor in Ramnagaram and heads a cooperative bank. He can tell you colourful stories. You may think it is impossible, but in rural areas, the audacity of the rich is surreal. “
Senthil said that Toufique had told him that people brought cash, in suitcases and trunks, and even in bundles wrapped in sarees, to cooperative banks. The cash was being accepted blatantly in the open, till the Reserve Bank of India cracked the whip and stopped cooperative banks from accepting any more cash. Toufique had made nearly a hundred crores in a week. But he did not take part in the atrocity forced on farmers. Their land deeds were taken away and they were forced to deposit defunct currency in their Kisan Credit Accounts. The defunct money would come back to the farmer as cheque payments twelve months later. The land deed would be returned to the farmer once he returned the cash deposited into his account. Senthil had tried to intervene and help the frightened farmers, but a state minister shooed him away.
The excerpt is from Riding the De(mon) (Leadstart Publishing).
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