Demonetisation has brought the flair of cashless economy and more boost in card transactions. This financial trend equal parts of good and some bad shady effects. One of them is added transaction cost implied on each spent. Arranging a sense of relief for public, RBI rolled out the information that the bank is working on the plans of cutting down the transaction cost implied on all online payments.
Due to the constant arduous efforts of RBI, the levels of cash flow has improved persistently.
During the “Review of Monetary Policy”, the RBI governor has probed with dozens of queries to which he will be reciprocating after 15 days duration.
RBI has discussed a mechanism with banks, payment gateways and stakeholders to introduce some relief in the cost transaction so that people can smoothly adapt to this new norm of digital payments.
Except the extreme rural and remote areas, the overall cash flow picture of the country has improved. For those left out areas also, the bank is taking crucial measures to bring the state of normalcy.
Speaking on the cashless norm, RBI governor mentioned that the move may create some discomfort during the initial phase but will prove to be a benefit for the economy farther aspects.
PAC Chairman K V Thomas assured by saying that, there will be one more meeting held on February 10 to discuss the details with the Finance Ministry.
Going back to demonetisation roots, he said that RBI and governor were in discussion terms since the start of January 2016 itself.
The board meeting of the RBI had two Deputy governors and RBI’s five directors to discuss the issue.
This attempt of RBI may bring rays of hopes for the public as the nation is suffering not necessarily from note ban but more from cash crunch and extra transaction charges.
