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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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Indians Are Willing To Share Personal Information With Their Banks, Claims Study

"There's strong evidence that consumers in India are willing to share significant personal data to improve their lives and get very targeted services and offers"

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Data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints were not dealt with in an acceptable manner, the findings showed. Pixabay

Seven in 10 consumers in India are willing to share personal information like location data and lifestyle information with their bank and insurer in exchange for lower pricing on products and services, a new report from Accenture said on Thursday.

At the same time, nearly four out of five consumers (81 per cent) said they are very cautious about the privacy of their personal data.

Data security breaches were the second-biggest concern for consumers in India, behind only feeling like their complaints were not dealt with in an acceptable manner, the findings showed.

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“If consumers don’t see the level of personalization, offers and products they want from their banks or insurers, they will certainly look for it elsewhere,” he added. Pixabay

“The large number of people willing to share more of their personal data for more efficient services at better prices underscore the role of digital technologies in the distribution of financial services in India,” said Rishi Aurora, a managing director at Accenture who leads its Financial Services practice in the country.

“If consumers don’t see the level of personalization, offers and products they want from their banks or insurers, they will certainly look for it elsewhere,” he added.

While 29 per cent of Indian consumers surveyed go to the physical location of their bank at least once a week, 76 per cent use their smartphones or tablets to check their bank accounts at least once a week.

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At the same time, nearly four out of five consumers (81 per cent) said they are very cautious about the privacy of their personal data. 
Pixabay

Nearly 66 per cent use their devices to connect with banks/insurers to learn about products and services.

“About 67 per cent of Indian consumers said they like their bank, slightly above the 62 per cent global average,” said the report.

The data was part of Accenture’s global “Financial Services Consumer” study which was based on a survey of 47,000 consumers in 28 markets, including 2,000 consumers in India.

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“There’s strong evidence that consumers in India are willing to share significant personal data to improve their lives and get very targeted services and offers,” said Piyush Singh, a managing director at Accenture who leads its Financial Services practice in Asia-Pacific and Africa.

“There’s an ocean of opportunities emerging with data analytics and personalization, but banks and insurers also need to pay close attention to growing concerns about data privacy and security and make that a top priority as they invest in new technologies and digital services,” Singh noted.(IANS)