Thursday, November 05, 2009
Using Text Messages to Promote Savings
TIME reports on the use of text messaging by banks to encourage depositors to contribute more towards their savings, saying that it's yielded good results. With India's cellphone-heavy society, this could be a good way to encourage Indians to save, among other things.
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at a savings rate of 35% i don't think that indians actually need any motivational messages to save. we really only need for the government to spot crowding out investment through deficits - and a more independent banking system. for all the self-congratulation about bank nationalisation - the reality is that most nationalised banks in India lend only to the government and government owned enterprises
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