To the attention of
RBI, Banks and all the business community
doing bank
transactions.
U.P. Prakasham, Managing Director, Nebula Solutions
Ltd. (+91 9840033881)
In the wake of RBI allowing new banks
to come up for small payments, embracing technology into play is advantageous.
Approval and adaptation of a new methods
using technology will bring in a comfort level for regular business payments by
ordinary and non tech savvy citizens. Email like convenience (but NOT Email)
can be provided for routine payments.
Imagine whenever a cheque is issued, a
copy is also sent to the bank. When the recipient deposits that cheque, bank
verifies with the copy already sent by the issuer and then clears for payment.
‘theCheques’ is a paperless new
electronic cheque similar to that, very convenient act like regular cheques with
added security. All the stake holders namely, the payer, payee and the bank are
safe guarded by its unique method.
As early as 2004, the author had exchanged
with a closed group, a White Paper on ‘Small
Payments through Cell phones’, including a write up giving full scheme of a ‘Real Time
Mobile Payment Gateway Service’ (RTMPGS) -The documents are still available
in the rediffmail account with the time stamp. At that time it was too early
for the market to accept and further steps were not pursued. The following
proposal should not be ignored and taken up for serious consideration.
I am submitting this document to RBI
for approval and then all the banks can try ‘theCheques’, initially
with the customers of the same bank for transacting between them and then
extend for inter-bank transactions. Important add on is, it will provide,
ledger, trial balance and reconciliation statements to all the customers using www.theCheques.com (under
construction). The entries can also be pushed into the regular accounting
packages, preventing re-entry of thousands of transaction details. It will give
full control to all the users using the entire set of financial reports.
Instances of Cheque Returns will be reduced to a considerable extent.
Environment friendly is so much talked
about but bringing into action is not at the desired level. Tons and tons of
paper will be saved by avoiding paper cheques which in turn will reduce the
cutting of trees leading to ‘Green Transactions’. Writing cheques will become
history and it will change the way people transact.
All the vendors of banking software
should consider for extending ‘theCheques’ to their business customers
who will be thankful for providing such a long awaited facility hitherto
ignored. The author will be glad to share the details when called for.
