The official release of the Bankers
Presentation to Shri Narendra Modi is still awaited. However news of the
various discussions/thoughts/ideas is slowly trickling down.
One of the main focus areas was on
Cashless transactions. PM Modi has said that banks in India should compete for achieving
maximum cashless transactions, as this would be the "best solution"
to the problem of black money.
Cashless transactions though on the
rise are not popular amongst middle and lower middle class. This applies both
to sellers as well as buyers.
In majority of the medium size
business establishments, credit/debit card transactions attract an additional
cost of 1.8% to 2.00% of the bill amount.
The buyers are advised the nearest ATM
location, wherein cash can be withdrawn and bill settled.
Online payment of Utility bills or
other travel related transactions attract a convenience fee.
Such additional costs discourage
Cashless transaction in our country and increase cash transactions.
In the coming months as the Gyan
Sangam ideas are put into action, it is expected that a detailed study will be
done on ways and means to reduce the Credit Card/Debit Card Transactions costs.
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