Finance minister Arun Jaitley told banks in the country to vigorously promote digital banking. He said banks should be on mission mode as there is need to expedite the roll out of digital infrastructure including PoS so that digital mode becomes an alternative banking channel for doing business in the country. The minister earlier addressed bank chief executives in a review meeting. Jaitley told the bank chiefs that that use of physical currency must shrink even as the economy expands, shifting focus to digital currency. The intention behind the demonetization was to take the country’s economy towards digital mode, he added. The bank chiefs agreed at the meeting that they will be focusing on increasing digital transactions and transactions through alternate banking channels such as NEFT, mobile wallets, pre-paid cards, etc. Semi-urban, rural focus. The banks have been told to increase their focus on semi-urban and rural areas and a campaign in this regard is being organized by IBA, which will include demonstration videos on how to use cards and other modes for cash less transactions. The government has also set up a task force headed by Anil Kumar Khachi, additional secretary in the department of financial services, to oversee the entire expansion, particularly the PoS, said Jaitley.
