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The Union Finance Minister Shri Arun Jaitley holds Video Conferencing with Banks for major push to cash less transactions; Banks to now focus on stepping-up

News and Press Release - Dated:- 24-11-2016 - Transactions in mission mode through alternate banking channels such as NEFT, mobile wallets, pre-paid cards, QR codes, pay-roll cards, debit and credit cards and Unified Payments Interface (UPI) among others. The Finance Minister Shri Arun Jaitley emphasised that physical currency must shrink while the economy should expand, shifting more and more focus to digital currency. He said that one of the major objectives of withdrawal of legal tender statu .....

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debit cards. Banks will now be focussing on significantly stepping-up transactions in mission mode through alternate banking channels such as NEFT, mobile wallets, pre-paid cards, QR codes, pay-roll cards, debit and credit cards and Unified Payments Interface (UPI). Apart from urban areas, Banks will increase and sustain their focus on semi-urban and rural areas. This outreach would be backed-up by an advertising campaign from Indian Bankers Association (IBA) including demonstration videos on ho .....

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