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JNAL
I do not agree with your take on why it shouldn’t be banned.
But I do agree that it shouldn’t be banned.
With better regulations, people should be made well aware of the risks that come with gambling. Post that if they decide to lose their money or life savings that’s on them.
Regulated legalised gambling exists all over the world in most countries. People win money , a lot more lose money. A lot of people lose their life’s savings to it as well. But they are doing it of their on volition.
I don’t understand why our government tries to cradle is like fucking babies. They started the epfo scheme advertising it as protecting our money for our retirement. Fuck that. Why make it compulsory? Why make accessing my own money so difficult?
Make things voluntary. If I want to sprinkle my cash from the top of a mountain i should have the right to do it legally. Not everyone gambles like a moron. Betting life savings on rlevery roll.
Some do it for fun.In the UK I could place small 10-20 pound bets on my favourite football team every weekend and enjoy at the pubs. No one was betting the house.
Just because morons exist in India , who would do that, means I can’t have my fun, with my own damn money.
Really want to protect the interests of users? Regulate it. Ensure that payouts are given and not held when someone wins, ensure that companies don’t manipulate odds and fine them when they do.
People wanting their gambling fix , who would bet Houses and kidneys find their way anyway through dark pools. It’s people like us who are schooled by the fun police
JThey do not have the banking charter yet to operate solely as a bank.Instead they aornter with already established banks like federal bank to provide peripheral banking services.
Given then don’t have a banking charter they can’t take deposits and borrow lens money like a traditional bank does. That happens on the basis of the licenses which their partner banks have.
So these banks don’t profit from interest spreads and other typical banking instruments
They can only profit from commisions on their peripheral services like mfs , instant loans etcFederal bank (eg) collects the profits on spreads over deposits , even if you deposit via a Neo bank (eg fi money)
Your money is also protected by the standard insurance of 5l cap which is given by RBi
Regarding physical presence, that’s not a necessary condition.
DBS launched in India completely via the online route. They have physical branches now. dBS is not a Neo bank by the vague definitions of Neo banking. But it’s extremely similar and it has a banking charter
