The demonetisation of INR 500 and INR 1000 currency notes sent a shock wave across India. While people have been facing inconvenience because of this, the majority believe that this is an important step in clearing out our economy from the evils of “black” or unaccounted money.
The general implication is that the banking industry will attract huge deposits from CASA. This will enable better liquidity in the market leading to lower interest rates and improved business investments. Softening of inflation due to reduced monetary supply is also likely.
While the effects of demonetisation will become evident over the long term, various institutions are facing some immediate challenges to address this change. The banks have the inevitable challenge of exchanging the currency for the citizens. Others have also been affected. Ecommerce companies have to make sure that they don’t get paid in the demonetised currency notes. Many have proceeded with disabling the COD options.
Progress Software has the technology to enable this transition by providing technologies that are flexible yet reliable.
One of the key activities that all banks have to do is to accept the demonetised currency and provide appropriate exchange. This submission comes with daily limits and forms that have to filled to meet regulatory compliances. If you are an institution required to enable the currency exchange, you may need a system immediately that can enable the submission of such forms by customers. If the customer is able to do this by themselves, you will be able to save a significant time digitizing all the paper work.
Manually maintaining all the forms, then entering the details in IT systems is an error prone activity that adds little value for the banks. Also, for this solution to work across India, you may need this solution to be localized in the local language.
Progress provides a no-code solution that can enable creation of such a form in no time. We have made available a form that can accept all the required field for the currency exchange on our marketplace.
The form currently stores all its data in public cloud but the system provides capability to connect it with any backend system or database using Progress DataDirect. Enabling it for your own use is as simple as creating an account on cloud and activating the template with a single click.
How about beating this tough IT task in just 15 mins with Progress technologies?
The daily limit for cash exchange is also likely to change over days. How can you enable this change in your IT systems without involving a change request with the IT team? The self-service business rules will allow your business to vary the limits/ sub-limits as per the requirements.
Another challenge for institutions has been enabling display of regulatory notices in near real time on the website without any delay that IT tickets are associated with.
If you are a user of our Content Management System – Sitefinity, this is a task completed within the marketing/ communications division itself in very little time. Sitefinity provides for self-publication of pages and update of the website with publishing workflow that accomodates editors, copy writers etc. A sample section put up by an esteemed customer is shown below:
If you were a business that was only cash based, then you will need to implement an ecommerce capability on your website to enable digital payments by your customers. Sitefinity offers an easy to integrate e-commerce tooling that can enable instant digital payments for your customers.
At the heart of this frantic process is the fact that the only thing constant today is change. The IT tools have to be flexible enough to accommodate any change at whatever rate they happen.
Progress technologies support agile IT that enables organisations to move forward with the speed of light.