Letters to the editor dated June 11, 2021

Apropos ‘ATM usage to cost more’ (June 11), the RBI decision in allowing only five free ATM transactions from the respective bank ATM's where the account is maintained is unfair. There should not be any limit for such transactions because it is the customer’s money that is being used for lending by banks. The bank of course can levy charges from customers using another bank's ATM for than a prescribed limit. The RBI as well as the Cemtre should motivate people to park their funds in the banks as savings and should not tax them if the customer utilises the same bank's ATM under a set limit of transactions. In fact, it will help banks’ liquidity if the customer draws money in instalments. Also this help in reducing counter servicea in barnches and staff can be utilised for loans monitoring and recovery of loans.

Hyderabad

This refers to “Indian Start-up’s Unicorn strides” (June 11). The growth of start-ups to the unicorn level within the short span of announcing ‘Make in India’ initiative is phenomenal. This demonstrates the entrepreneurial ability, product selection efficacy and technological advancement of Indian entities in competing with their global peers. It is also testimony to the brilliant output of premier educational institutions of the country. The pragmatic ideas to shift business from the traditional models to consumer based activities is novel and timely to augment the economic growth of the country. In spite of the guidance of innumerable incubators, accelerators and government agencies, majority of the start-ups fail at product development stage itself due to lack of market intelligence, and financial literacy. Unicorns must extend a helping hand by motivating other deserving small entities, by imparting their ideas and suggestions for improvement .

Bengaluru

With reference to ‘Financial Sector Woes’ (June 11), the sector is yet to recover from the setback suffered during Covid 1.0 and the benefits of moratorium and restructuring permitted have not yet percolated down fully so far. Though the medical community is more prepared to handle the pandemic now the second wave has hit people really hard in rural areas too. Besides the lockdown effects, many businesses were affected due to personal losses suffered by many management staff and employees. Repayment of loans are not important when lives are at risk and banks and lenders should look at the issue sympathetically. Instead of carrying out lengthy paper work for rescheduling loans the RBI should notify a simple procedure by which the unpaid principal instalments of current year may be deferred to be paid after the end of the loan tenor provided the interest is serviced regularly. This will help both the sides. The same methodology may be adopted for large borrowings also with one more option to convert part of borrowings to equity of the company.

Mumbai

Apropos ‘Farm sector reaps 17 per cent export growth’ (June 11), has no mention of major plantation crop Coffee is an indication that all is not well with the sector, which was till recently a leading forex earning commodity. Although many other farm products have found a place in the list of exportable commodities, it would be a blunder if coffee gets sidelined as it is an all-season drink, especially in the western world. Moreover, the major contribution of coffee is its role in maintaining ecological balance of the environment, being the major contributor for the green cover in the region.

Halekere Village (Karnataka)

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