The crux of this:
You really don’t need a credit card. If you entered workforce now, you don’t have to get one at all.
If you are going abroad, you can always buy international credit cards against a deposit.
With IMPS and UPI, you can lead a cashless life in urban areas.
Incredibly, that “demonetisation” had forced many shops to have UPI enabled payment options.

National Payments Corporation of India(NPCI), unlike typical Govt organisation, had come up with a very good digital transaction system.
They started with RuPay, a replacement for “visa”
NPCI is a not-for-profit company. The core promoters are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank N. A. and HSBC. More shareholders were added from the financial space.
Of course, the NPCI journey started with the ATM network in 2009.
National Financial Switch was the first endeavour.
Then there was the NACH.
NEFT and RTGS got strengthened then.
After that came IMPS.
NEFT was the first evolutionary step. The idea was to just replicate typical settlement system. This was a batch based system. RTGS was needed because some of the large transactions had to be done real time.
IMPS used the upgraded backend to do on the spot transactions.
In the evolutionary process, IMPS was just bringing RTGS like speed to NEFT transactions.

The same backend was then used to explore the next idea: Virtual bank accounts.
Or, the birth of UPI.
UPI enabled companies like PayTM to do banking transactions too instead of becoming a mere wallet.
UPI brought the ease of digital wallet with the safety of a bank account.
@NPCI_NPCI is like the Apple of financial space.
They probably never invented a single thing from scratch; but they rebuilt from scratch one of the most innovative systems for moving money from one place to another.
The other transformation is cheap mobile. BHIM couldn’t have happened had the cheap smartphones (yeah, thank you China for subsidising our mobiles) and cheap data (thank you Ambani for just being you when you start a business) not come at the right time.
A casual glance at history will show you that seemingly unconnected things happen together at exactly the right time and at the right place, that somehow become the crux of transformative disruption.
This Wuhan virus pandemic came at almost the best time. Yeah, our hospitals are still a mess. But, we would not have been able to handle the pandemic had it not been for the aptly timed mobile and NCPI-led digital revolution.
It’s entirely possible for anyone to just carry a mobile and buy almost anything with an app.
We have vegetable vendors to mini malls, local pan wala to online biggies, all able to serve with UPI and a mobile app.
The millennials(those born at the turn of the century) are so lucky that they don’t have to do a lot of things like the way we had to.
A person entering workforce can join the company and then call up a bank to get his salary account created. There is no need to spend half a day in the bank branch to get it done. There is no need to carry xeroxes of all documents out of fear of delays.
A netbanking account and even UPI id is just a matter of minutes away.
Most stuff can be done over a call to the customer care if the bank’s local contact person hadn’t already done it for you.
There is probably only a handful of places where you have to carry cash. (Even religious places accept donations via UPI now.)

There was a time when keeping a bit of cash for emergency was deemed a necessity. We now know that mobile, network coverage and bank balance is enough
Investments can all be done now using mobile phones.
Health insurance shouldn’t need a branch visit if you don’t have any bad habits or a rare medical history.
Life insurance is now doable with an app. You can do Mutual funds with apps.
You want to explore stock markets, your broker will give you an app for that too.
(Even half a decade ago, it was close to impossible to open a trading account from anywhere.) Nowadays, all the work from opening a trading account to start actual investment can be done remotely.
I only talked about NPCI. AMFI has a unified interface.

Exchanges still require you to go through a broker though. And there are still a few issues that may require a personal visit.
The reason I highlighted NPCI is because NPCI is one of the most underrated organisations. It shows what industry bodies should be coming together to do.
The potential for digital revolution is not even explored by many industries.
To summarise:
For a young person who just started earning now, you are lucky to be born in India. Money matters can be done with a few taps on your phone, or a few calls.

You can choose to live a simple life with lots of savings and early financial independence now, if you want
@threadreaderapp unroll please
One of the “missing things” highlighted:

(I don’t use digilockers. I am still an old fashioned person in some aspects.)

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More from @muralipiyer

10 Sep
This is a great news.
(Disc: I own gspl. I was planning to add petronet this month.)
I am still thinking of ditching IOC. My assumptions haven’t worked out as planned.…
That aside, the PNGRB is going slow and steady.
With opening of 100 more districts, we are talking about piped gas network expanding even further.
The report claims that this 11th round will bring 70% of population under the grid.…
You have to see things under perspective.
I think 1972 was when city gas was started in Gujarat.
Gujarat Gas, the oldest has only operator was established in 1972.(owned by GSPL).
It’s basically 50 years since we first started.
Read 13 tweets
9 Aug
There are two problems with the caste debate.
A) it’s about the identity of the person.
B) it’s about the culture of the land.

You can talk about caste discrimination, but it has to be a two way street.
When a “Dalit” insults a “Brahmin”, law must allow victim to file complaint.
Caste or a caste-like structure is inherent in any society.
The primitive societies talk in terms of class instead. Sadly, the anti-caste brigade is rooted in this primitive dialectic.
Civilisations sustained over millennia have evolved more than these primitive societies.
In terms of societal understanding, these primitive “modern” schools are all looking too much at the materialistic of the now instead of having a long term holistic view of human species as a whole.
Defined roles is a caste-based society is work of evolution.
Read 43 tweets
2 Aug
I think the thread ends here.
There are a few over-generalisations here, but the core idea is solid:
We don’t really need an export surplus led growth like the East Asian success stories.
The problem with the excessively obsessive “work out of poverty” view of society is like that of bulking up with steroids. Eventually, you will stop showing off muscles. The side effects will soon catch up.
That’s what @svembu portrays in the thread./2
Real economy gets eventually affected after a sharp rise, often termed unsustainable rise of economy.
This is all part of the demography story. Nothing to do with the growth path chosen by the population.
Read 85 tweets
25 Jul
@amitabhk87 Sir ji, please don’t call India data rich. If there is a bumper crop but failed to harvest it, there will still be famine.
A lot of data in India is waiting to be harvested, but GoI or GoStates are not even bothering to collect it. With no relevant Data, you can forget Analysis.
@amitabhk87 Let me ask simple questions:
How many 5-9 yo children are not covered by a primary school within 1 km right now?
How many 10-12yo children are not covered by a secondary school within 2 km right now?
How many children are not covered by a high school within 4 km right now?
@amitabhk87 Then comes the tougher question of:
What’s the projected school-going population 5 years from now?
Where should new schools be built?
How many students will they serve?
Is there school overcrowding anywhere?
Read 10 tweets
5 Jul
An excellent article by @gchikermane and @rishiagraw on the “war” that India needs to fight.

The need of the hour:
make government offices WFH friendly.
Digitise administration(m-governance)
Automate compliance.
Reduce regulatory cholesterol (aka red tapism)
I had deliberately added alternate terms for the main 3 points of @gchikermane and @rishiagraw, primary because we should call them what they really are.
This comes from my core belief that in a democracy as old and as perpetually moribund as India, commonsense is never new.
For me, @PMOIndia @narendramodi should plan for #AtmaNirbharBharat in the most common sense manner. Oil the system and take for a spin to make it robust,and boost with extra oxygen.
The key is:
Cutting extra laws while not compromising on effective regulation;
Read 27 tweets
12 May
@acorn is only helping to set up the stage for the larger debate on labour code redesign.

The key point that he reiterates:
Don’t throw the baby with the bath water.
Yogi may be many things, but the idea of labour laws relaxations shouldn’t be thrown out.…
@acorn carefully avoids going to the specifics.
He completely ignores the key question of what should be the core basic protection for employees, whether formal or informal. He instead argues with the obvious that all suffering seen is due to outdated labour laws,needing a reboot
The key question as far as labour goes is about the relationship between employer and employee. Now is perhaps the best time to accept the reality: employment is purely at the pleasure of the boss. Owner is the king of the organisation and has the final word. Benefits r relative!
Read 21 tweets

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