Forget Anything ? Indian Finance Minister P Chidambaram After Presenting The Union Budget On Tuesday (Pic courtesy: Business Standard)
Within two weeks of skipping a credit card payment, I would get a call from the bank . "We are calling to remind you," they would say. This was more than seven years ago. Today, if I do a slightly large dollar purchase, real or online, I get a call within the hour asking whether i am aware of it.
The reason credit card companies and banks have been so up to date when it comes to payments and the like is technology. Fifteen years after liberalisation, the Government of India in general and the revenue authorities in specific are grappling with systems that put our otherwise claim of an IT Superpower to shame.
All the talent that goes into writing some of the most sophisticated banking technology software the world over is useless or not used when it comes to our country. The same technology that drives the credit card companies is not available …
Within two weeks of skipping a credit card payment, I would get a call from the bank . "We are calling to remind you," they would say. This was more than seven years ago. Today, if I do a slightly large dollar purchase, real or online, I get a call within the hour asking whether i am aware of it.
The reason credit card companies and banks have been so up to date when it comes to payments and the like is technology. Fifteen years after liberalisation, the Government of India in general and the revenue authorities in specific are grappling with systems that put our otherwise claim of an IT Superpower to shame.
All the talent that goes into writing some of the most sophisticated banking technology software the world over is useless or not used when it comes to our country. The same technology that drives the credit card companies is not available …