How about a single bank account for multiple currencies, gold and silver?
Though I am not an expert in banking, I am wondering why we can’t have a common bank account for multiple asset classes like different currencies, gold and silver. If possible, also stocks in the same account? This may bring a lot of dormant wealth like gold and some foreign currency lying in households into the banking system. This makes even more sense in a country like India that is largest consumer of gold globally where huge amount is converted from currency to gold and silver every year. We may also allow an account holder overdraw cash by automatically marking a lien on the gold or silver held in her account. This way, loan against gold and silver may be automated for banked population. This may provide flexibility to an account holder and safe lending for banks. Rate of interest may vary based on the asset class (cash, gold or silver) and currency, as part of business rules for the account. This may also encourage financial inclusion by providing depositors a cho...