Mumbai: A leading private sector bank, famous for its innovative product offerings has introduced a new product for money transfer between two accounts and branded it as “Hawala”.
“We have done this to comfort new customers into the banking system who were hitherto using only cash for settling their payment obligations”, said Praveen Kumar, Vice President of Fixit Bank, “These customers are used to transferring thousands of crores of rupees every day to the remotest part of the country using the convenience of Hawala and are not comfortable with any other name”.
“Using NEFT or RTGS brings a feeling of fear. It seems that some government agency is going to catch and question us. They sound so official. With hawala we feel safe and secure”, confided Arun Gupta a gold trader from Karol Bagh in Delhi who transferred Rs 128 crores using the age old traditional hawala during last year and takes pride in the fact that he paid only 1,215 rupees as income tax for the same period.
“With a view to give peace of mind to our clients we authenticate the transaction by asking the serial number of a fifty rupee note from the person making the transfer. The transferee produces the note of same serial number and money is credited then and only then, This is perceived to be better than 128 bit encryption”, added Praveen Kumar.
“In hawala we trust, rest strictly cash”, Aditya Singhania told Faking News while standing in the queue to open an account with Fixit Bank. The queues to open accounts at the bank branches are longer than those to withdraw cash. “I hate paperwork of any kind. The currency note serial number authentication does away with almost all paper-work”, he winked smilingly.
After the success of Hawala, Fixit Bank is actively considering using Khoka for crore, Peti for Lakh, Gulabi Patti for 2000 rupee note and ‘Kharcha Paani’ for bank charges to elicit trust of the real HNIs of India in the banking system.