Cashless Bank

First meeting of the Board of Directors of BIG LAAF COOPERATIVE BANK LTD 

In keeping with the mood of the times, the Big Laaf Cooperative Bank Ltd (ref post of September 27) shall be a “cashless bank” with minimal paperwork. This was unanimously decided by the bank’s Board of Directors in their first meeting

Rukhsana Khan

held in the China Hut soon after the exercises today.
“We shall however, be required to put in Rs5,000 individually towards cost of printing cheque books, pass books and basic stationery,” informed Razia Khan, the chief promoter of the bank. “Beyond that, I do not think we would have to spend on anything else. All operations will be online and done digitally to ensure total transparency.”
None of this made any sense to Rukhsana Khan. She took it to be some kind of a “kitty group” till Razia updated her on the PMC Bank debacle (ref post of September 25) which necessitated the opening of a new bank. “So anybody who has the key to the tijori can merrily walk away with all the cash?” she asked in all innocence.
On this, no one had any answer. But in the course of discussions, what emerged was a genuine concern about safeguarding our savings for the future and the absence of a “reliable bank” we can repose our trust on. The general consensus was that too many banks were collapsing and nothing can be said even of the most reputed and oldest of banks.
Hence the need for Big Laaf Cooperative Bank Ltd!