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Government Asks Banks to Revise Charges to Promote Digital Payments

October 03, 2017

Government Asks Banks to Revise Charges to Promote Digital Payments

The government approached the Indian Banks’ Association (IBA) recently, asking the bankers to rework their fees in a way that their customers are incentivized to prefer digital transactions over cash transactions.

As per the recent communication between the two parties, the finance ministry said that banks should mull over cross-subsidization of low-value digital transactions by high-value digital transactions or cash transactions.

The government plans to achieve a target of 2,500 crore digital transactions per month by the end of this financial year.

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