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Telangana govt gives up on e-Wallet?
The much hyped ‘TS e-Wallet’ which was to be introduced by the State government to encourage cashless transactions has been put in cold storage. Chief Minister K Chandrashekar Rao had announced the launch of TS e-Wallet immediately after the Union government had scrapped the circulation of Rs 500 and Rs 1,000 notes under the demonetisation scheme on November 8 last year.
Hyderabad: The much hyped ‘TS e-Wallet’ which was to be introduced by the State government to encourage cashless transactions has been put in cold storage. Chief Minister K Chandrashekar Rao had announced the launch of TS e-Wallet immediately after the Union government had scrapped the circulation of Rs 500 and Rs 1,000 notes under the demonetisation scheme on November 8 last year.
The top officials of State Finance department told The Hans India that the government had forwarded a proposal to RBI seeking permission to launch the wallet in December. State IT department also swung into action to develop the software for the wallet in coordination with stakeholders like financial institutions.
In a recent meeting with State government and officials of the banks, the government was told that introduction of e-wallet required high security measures to provide cashless transactions in both the government and the private sectors. Huge technical expertise is also required to operate a government-owned wallet and it is a big and challenging task for any State in the country.
To promote digital transactions, the State government was told that it required entry into agreements with all banks allowing people to do cashless transactions from anywhere, officials said following the cumbersome procedure involved, the government has decided to stop pursuing the issue of getting permission for e-Wallet from RBI.
The Cabinet subcommittee on digital transactions headed by IT Minister K T Rama Rao also stopped holding meetings on cashless economy in the State after the restoration of currency circulation in the last two months.
The officials attributed the free flow of currency circulation since January was also one of the main reasons for not taking forward the TS e-Wallet project. The promotion of digital transactions as pilot project in the identified villages in Siddipet and Medak districts also slowed down as currency circulation came to a normalcy and people resumed their habit of transactions through cash.
