Worries about the safety of bank deposits may further erode the economy of trust

Worries about the safety of bank deposits may further erode the economy of trust

ndian villagers queue outside a bank as they wait to deposit and exchange 500 and 1000 rupee notes in Hanuman Ganj village on the outskirts of Allahabad | Sanjay Kanojia/AFP The Big Story: Fear and savings “This tsunami will wipe out your money lying in the banks,” warned a message that went viral on WhatsApp recently, spreading panic among depositors. It was referring to the new Financial Resolution and Deposit Insurance Bill, 2017, lying with a joint parliamentary committee at present and expected to be tabled during the winter session. Among…

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The Hole in the Digital Economy

The Hole in the Digital Economy

Most homes in the United States have Internet service, but they don’t in the poor parts of Cleveland and nearby suburbs. A survey in 2012 showed that 58 percent of the area’s households with incomes under $20,000 had neither home broadband nor mobile Internet access, often because of the cost. Another 10 percent had a mobile phone but no home broadband. Until recently, one such household was a ground-floor two-­bedroom apartment in a public housing project called Outhwaite Homes, where a circumspect 13-year-old girl named Ma’Niyah Larry lives with her…

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