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Cashless People Standing in Queues lose patience, Attack Banks in Gujarat

People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said

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People queue outside a bank to exchange and deposit their old high denomination banknotes in Masuda village in the desert Indian state of Rajasthan, November 15, 2016. (Representational image)REUTERS/Himanshu Sharma

December 20, 2016: People furious over lack of cash in banks on Monday attacked bank branches in two districts of Gujarat, the authorities said.

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A mob locked up the State Bank of India and Dena Bank branches in Samadhiyala village in Amreli district in Saurashtra region after hundreds waiting in long queues were told the banks had no cash to give.

Most of the people were farmers, witnesses said.

In Surendranagar district, mobs attacked some bank branches and damaged their doors and windows after they were found to have been kept closed for the third consecutive day since Saturday.

The bank authorities said there was no meaning of opening the branches as no cash had reached the branches on Monday.

In Silvassa, capital of the union territory of Dadra and Nagar Haveli, the manager and some staff members of a nationalized bank were roughed up by people as the bank had no cash to distribute.

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The police had to intervene to rescue the bank staff.

The central government on November 8 demonetised the 500 and 1,000 rupee notes, saying the move was aimed at tackling corruption, black money, and terror funding.

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The move has led to an unprecedented cash crunch across the country. (IANS)

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New Survey States the Urgent Need of Scaling up Digitalisation by the APAC Banks

APAC banks see payments (32 per cent) and personal loans (24 per cent) as areas that present the greatest opportunities for the future of digital banking

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FILE - The Bank of America Building, center, also known as the Superman building, stands among other buildings in downtown Providence, R.I., March 27, 2013. VOA

About 60 percent of Asia Pacific (APAC) banks either have no digital onboarding process for new customers, or only a part of it has gone online, according to a new survey on Thursday.

The region’s changing regulations (28 per cent) and the need to create digital know-your-customer (KYC) and anti-money laundering (AML) (21 per cent) solutions were cited as the two key challenges for APAC banks looking to acquire new customers online, said the study by analytics software firm FICO.

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.
Asian Development Bank HQ. Wikimedia Commons

However, 79 per cent of the banks have launched or are currently considering a separate digital banking offering to leapfrog challenges in acquiring new customers, the research showed.

APAC banks see payments (32 per cent) and personal loans (24 per cent) as areas that present the greatest opportunities for the future of digital banking.

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“In Asia, the identification processes used for services such as e-government, banking or telecommunications evolved independently of each other, leading to a fragmented approach with inconsistent levels of security,” Dan McConaghy, President of FICO in Asia Pacific, said in a statement. (IANS)