Have we failed as a system?

-Dheerusha Tiwari

It was a dusky evening of 12^th October, 2018 as I was returning home from my workplace. To be honest, I was rushing towards my home. How can I be late to home when the national daily covers rape and murder news every single day? The constantly ringing phone in my bag (which obviously was from my mother) was a constant reminder that our system has failed in terms of safety. I took few steps further, trying to get myself out from the two giant women; in between whom I was squeezed. On the right side of the lane, I see a micro bus of my destination. I, somehow tackle myself among the crowd and run towards the micro. I don’t have an alternative other than pushing and pulling people beside me in the crowd. Do I? (Sarcasm) After all, I needed a seat in the micro or may be a small space to at least adjust my legs. Don’t worry; the remaining parts of my body will be pressed inside the bus in one way or other. Incidents as such remind me that our system has failed in terms of infrastructures.

I was almost there! I was running towards the micro stand but I came across something so rare I had to stop. I came across- a bank! Right! Bank: a financial institute that accepts funds in the form of deposits and lends funds in the form of loans. So, why was this bank troublesome to me?

Here is the picture of “The Bank”:

I could not help but inquire what “this bank” was up to. The owner is the one man army of “this bank”. He had an objective to sell money. On further inquiry, I came to know, it was his business. However, as a business student, I found his business model quite contradictory. The overall concept is that the business would sell new notes to the public and charges Rs 10 for each note as the associated cost. For instance, a bundle of hundred notes of Rs 50 would cost me Rs 5500 i.e. 50*100 + ( 50*10). The business is more of a seasonal business that comes into operation only once a year i.e. during Dashain. He targets general public like you and me roaming around New Road. His competitors are ironically, the giant and the rookie financial institutes operating in the nation.

The overall business model was so unconvincing to me that I was forced to ask, “Do you profit from your business? Did you even sell any notes today?” In reply, the businessman told “Yes. I do this every single year and people prefer convenience and time over money. There is a long queue in banks during festivals. Moreover, banks don’t exchange small amount of money. This is for the convenience of the people”.

The explanation was still unpersuasive that I walked off assuming this person was building castles in air. At the end of the day, I didn’t see any customers near him. Why would customers prefer paying extra money just to exchange new notes with old ones? Few minutes ahead, I saw another person selling notes. This one had customers! Those customers were ready to exchange money simply by paying a certain extra amount when it can be done without any extra charges. That is when I realized our system has failed even financially.

No, the article won’t blame a single institute or a single person for “the act of selling money on PREMIUM”. Today, our slogan on “digitization” has gone insignificant. It is not simply the financial institutes and banks who are responsible. It is not simply the person who is selling the money responsible. It is not simply the traffic police nearby who did not dare to stop it responsible. It is not simply the government who is possibly unaware about this incident responsible. It is not simply the customers of “this very rare bank” responsible. It is not simply the general public (like you and me who see such incidents and let them go) who are responsible. It is probably the overall financial system. Ironically, we; directly or indirectly belong in this same system!

I was taught that “recession or depression” is a symbol of weakening economy. However, this incident suggested me it’s not simply recession or depression that can be symbol of a weak financial system.

For each one of us, Dakshina has always been one of the most fascinating parts of Dashain festival since our childhood. Sadly, this year, every single time, I will receive Dakshina from my near and dear ones I will question myself “What might be the premium cost associated with these new notes?”

My task is donehere! 

Wish you a very Happy Bijaya Dashami!

Celebrate responsibly