Cashless transactions should become a mass movement

Share this News:

                                                                                                                                                                                                        Mumbai, December 11, 2016 : The demonetization decision taken by the central government is to encourage digital economy and for benefit of the future generations. This was stated by union Agriculture minister Radha Mohan Singh at a function in Mumbai on “Cashless Banking” organized by TJSB Bank. He reviewed the work done by Urban Cooperative Banks after demonetization to move towards a digital economy. He took stock of the number of debit cards issued, POSH machines installed, e-wallets, mobile banking, net banking and RuPay-cards. He appreciated the steps taken by the banks towards cashless transactions. Representatives of various cooperative banks were present on this occasion.

The minister said that although digital transactions were taking place before demonetization it was only after demonetization that a massive shift took place towards cashless transactions. The minister expressed regret over the politicization of the demonetization decision. He explained that the nation was ready for demonetization as Jan dhan accounts, aadhar accounts, bank accounts, posh machines, e-wallets were already in place. The minister stated that the move towards a digital economy should be a mass movement and he expects cooperation from the opposition in this regard.

Although demonetization is causing short term inconvenience to the people they must bear with it for long term gain. The minister said that a great benefit of demonetization has been striking at the root of terrorist funding and other disruptive activities within the country.

The government has announced a package to encourage digital and less cash economy. This is specially for farmers, the rural population and the common man.