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Demonetization caused Double-digit De-growth in Two and Three wheeler industry: Rajiv Bajaj

“There has been a double-digit de-growth of the industry purely and directly as a result of demonetization. I am personally, surprised that not enough people are standing up and saying anything”

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Demonetization
Bajaj at Sirifot stadium (file photo, image courtesy- wikimedia commons)
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Mumbai, Feb 18, 2017: Industrialist Rajiv Bajaj on Friday blamed the government’s demonetization drive for causing a double-digit de-growth for the industry and job losses.

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“The experience of Bajaj (Auto) has been no different from that of the industry as far as the demonetization is concerned,” Bajaj, who is the Managing Director of two- and three-wheeler major Bajaj Auto, told NDTV Profit in an interview.

“It (demonetisation) has hit us hard, whether it is the motorcycle industry or the three-wheeler industry. Especially so for the three-wheeler industry which is cash dependent.” “There has been a double-digit de-growth of the industry purely and directly as a result of this (demonetisation). I am personally, surprised that not enough people are standing up and saying anything.”  Besides de-growth, Bajaj blamed demonetization for job losses.

“A large supplier of mine who supplies to Bajaj and others like Yamaha and Honda told me in December that he alone had to let go 3,000 people as a result of the downturn in demand across all his customers,” Bajaj pointed out.

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A day earlier, Bajaj had termed the demonetization drive as a “wrong” idea.

“If the idea (demonetisation) is not working, don’t blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum which was held here on Thursday.

On November 8, 2016, Prime Minister Narendra Modi announced the demonetization of Rs 500 and Rs 1,000 currency notes. These were replaced by new notes of Rs 500 and Rs 2,000 denomination notes.

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As per the data available with the Reserve Bank of India, 84 per cent worth of total currency under circulation at the time of November 8 announcement was demonetised. (IANS)

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BHIM app: All about going Cashless

The BHIM app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi.

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BHIM app works across all bank accounts. Wikimedia commons
BHIM app works across all bank accounts. Wikimedia commons

The act of demonetization by the government last year had simply made us stand on our heels. People were fighting their way out in the absence of hard cash and thus made us oblige to the digital platform.

BHIM app is one of the various digital money transfer app (application) which uses UPI (Unified Payments Interface). The app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi. It aims towards bringing Financial inclusion and making us a digitally empowered society.

BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay
BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay

Here, we will help you to walk through the procedure involved in the better use of BHIM app.

How to download BHIM app

  • You can download and install BHIM from Google play store for Android and Apple store for IOS.
  • Select whichever language you prefer.
  • Select the mobile number which is registered with your bank.
  • Set a 4 digit password to log in.
  • Link a bank account.
  • Now, you need to set a UPI pin by providing the expiry date and last six digits of your debit card.
  • Your account is now registered and you are ready to go cashless.How to use BHIM without internet
  • You can dial *99# from your phone and you will be able to avail the same features of BHIM on your mobile.
  • *99# can also be used to register for BHIM.
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay

Features of BHIM app

Send Money
With this feature, you can send money by scanning a QR code, combination of Account Number and IFSC by using Virtual Payment Address (VPA).

Request Money
This feature allows you to send a collect request by entering VPA. Also, through BHIM, you can transfer money using a Mobile that is registered with BHIM or *99#.

Scan and Pay
This feature allows you to pay by scanning the QR code.

Transactions
This one will show your transaction history. It shows pending UPI collection request, so you can approve or reject payments. Also, there is an option to report if a user wants to raise any complaint.

Profile
This option will help you to view the static QR code and Payment addresses that are created. The QR can be downloaded and also be shared through WhatsApp or Email.

Bank Account
This feature enables you to check the bank account (which is linked to BHIM). You can set or change your UPI pin or the bank account linked with BHIM App by clicking on ‘Change Account’. You can also check your account balance using this feature.

BHIM is not a wallet. It is a payments application which allows users to make instant bank transfers. Pixabay

Why should you use the BHIM app?

  • It works across all bank accounts.
  • You can access it without internet.
  • BHIM is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM).
  • It has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option.
  • All in all, BHIM has turned out to be the safest and most reliable cashless payment option against competitors like Paytm.