The Banking System

What do you all think of the Banking systems. They were created to give convenience to the people for saving their money and that's how it has been operating. The Banking system is just 2 centuries old and now is the biggest business sector along with Pharma.
In the recent days, is your money really safe in the bank. Well, you really never know and can say it for sure yes or no. To think of it, we put our life savings in a place which has uncertainty. Is it not risky. In India we keep hearing of bank frauds, banks shutting down. People's money getting blocked in the bank. You cannot withdraw your own money.

The so-called banks are just the service providers, but with times changing and the whole systems changing, it looks like they are becoming the owners of the money that is being deposited. Just for e.g., you put all your money in the bank, but the bank decides how much you can withdraw on a daily basis. You get charged to withdraw your own money. The interest rates are so poor for the money that is in the savings account. If you withdraw higher amounts, then there is tax scrutiny. They keep a total control and watch on you how you access your bank accounts. Sometimes it feels like a trap.

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In India we have very classic situations. Big amounts of loans are given to the already wealthy business guys, they default the loans and the banks go easy on them. Whereas if the common man defaults even one installment of their loan, then the bank puts heavy penalty on them.

If the CBDCs get introduced then the control will be much tighter, the limits will become more stringent and the charges may also increase on the transactions made. Not only that, your account can become inaccessible at any point of time. So would you trust the traditional banks on the digital currency part.

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