Jaitley asks banks to promote digital banking in mission mode

November 24, 2016 18:59

Finance Minister Arun Jaitley today asked banks to promote digital banking in "mission mode", saying the principal objective of the government's reform is to curtail the use of physical currency.

After a meeting with heads of banks including private sector, he said a committee under additional secretary in the finance ministry is being set up to promote digital banking.

Referring to the outcry over demonetisation in Parliament, Jaitley said the politicians need to accept that habits of the people are changing and they are frequently using cards for payments.

"Some of the banks have already had a lot of success, contrary to argument which is made within the political system that Indians are not well adapted to this mode. I think political life of India has to accept that right under our nose, people are changing as far as their habits are concerned," he said.

Giving out details of digital outlets in the country, the finance minister said there are 14 lakh POS machines which are there at retail level and this figure has to be expanded manifold.

These machines are not manufactured in India, they are imported, he added.

"Additionally, with regard to banks' existing customers, debit cards and prepaid cards, e-wallets as well as mobile apps, are going to be utilised by them. They are ready with their infrastructure," he said.

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