Ah... That's interesting. Yeah, a lot of this admin work seems pointless on a smaller scale. I can understand when operations scale up but the barrier to entry is frustrating.
How much of this is just incompetence of the personnel and how much of it is the system? I hope there are private banks that actually want your money and provide a half-decent service. I could be totally wrong though.
I think the incentive systems are a big part of it. It's very hard to get a banking license in India, so it's unlikely to be disrupted by Startups that will provide a better experience. Without the threat of disruption, most banks are comfortable focusing on larger clients.
The reason for the foot dragging in India vis-à-vis starting a business or with banking is that the administration is steeped and well-baked in the ways of babus. Bureaucrats rule the roost. That is the reason when someone says utter garbage like,’Red tape is dead in India’, I laugh in their face.
Nice article, real eye opener to me,about the hardships/ experiences of the person who is experiencing real big difference between two democratic countries.
Funny thing...same experience in France.
Oh! That's interesting. Do you run a business in France?
nope. had open a "company" for my wife who was giving french classes. the barriers you have to jump are ridiculous. nothing like india but relative.
p.s - love your substack.
Ah... That's interesting. Yeah, a lot of this admin work seems pointless on a smaller scale. I can understand when operations scale up but the barrier to entry is frustrating.
Thanks! Glad you're enjoying the Substack :)
My god! This is just horrifying!
How much of this is just incompetence of the personnel and how much of it is the system? I hope there are private banks that actually want your money and provide a half-decent service. I could be totally wrong though.
I think the incentive systems are a big part of it. It's very hard to get a banking license in India, so it's unlikely to be disrupted by Startups that will provide a better experience. Without the threat of disruption, most banks are comfortable focusing on larger clients.
The reason for the foot dragging in India vis-à-vis starting a business or with banking is that the administration is steeped and well-baked in the ways of babus. Bureaucrats rule the roost. That is the reason when someone says utter garbage like,’Red tape is dead in India’, I laugh in their face.
Hear hear. You laugh, I cry.
Nice article, real eye opener to me,about the hardships/ experiences of the person who is experiencing real big difference between two democratic countries.