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Bankers pitch for promotion of cashless transactions
Andhra Bank assistant general manager M Vijay Pratap emphasised the need for the cultivation for cashless transactions like use of debit/credit cards, mobile wallets, prepaid cards,
Vijayawada: Andhra Bank assistant general manager M Vijay Pratap emphasised the need for the cultivation for cashless transactions like use of debit/credit cards, mobile wallets, prepaid cards,
UPI (unified payment interface) to reduce cash transactions and overcome the demonetisation crisis caused by note ban in the country.
Vijay Pratap said the impact of demonetisation was very huge in the country as more than 70 per cent transactions in India are made of cash.
Highlights:
- Senior officials of banks say cashless transactions are the only way to overcome current crisis caused by note ban
- People are told to acquaint themselves with various electronic devices that can be used for digital cash transactions
- Chamber of Commerce urges banks to create awareness on electronic transactions, calls on government to promote cashless transactions by waiving surcharges on use of cards
He said people should aware of the alternative ways to reduce the cash transactions. He along with other bankers and representatives of trade organisations spoke at an awareness programme ‘Transformation to Digital Transactions-Cashless Transactions conducted by Andhra Chamber of Commerce and Industry (ACCI) at the chamber office on Tuesday.
Vijay Pratap said the government had distributed RuPay cards to a large number of people in the country to promote the habit of banking. People should know the electronic devices which are available in the market and increase e-transactions, he added. The ACCI president Muttavarapu Murali Krishna presided.
Axis Bank deputy vice-president Madhusudan Goud said the use of electronic devices would reduce the pilferage of money.
Mobile wallets, prepaid cards and other instruments are available in the market and people should learn about the alternative ways for doing different types of transactions.
He pointed out a large number of people were suffering due to ban of high denomination notes in the country and non-supply of new currency notes.
Andhra Pradesh Lorry Owners Association general secretary Y V Eswara Rao said the Central government failed to resolve the cash crisis being faced by crores of people and questioned why it had not taken precautions to avert the crisis.
He said the Central government must take the responsibility for training people to increase cashless transactions.
ACCI general secretary Potluri Bhaskara Rao said the chamber would send the opinion of the traders, industries and common people to the RBI for relief measures.
Requesting the bankers to create awareness among people on digital transactions, he suggested that the government incentivise on cashless transactions by waiver of service charges.
ICICI Bank regional head Satish Thakur felt that more practical training programmes were needed at ground level to educate the end- users to go for cashless transactions.
He acknowledged that people were facing difficulties in making electronic payments even in metro cities because of poor network.
The telecom network and internent connectivity should be strengthened with constant improvement in technology for hassle-free transactions, he suggested.
