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To Push Digital Economy, Govt. Could Dissolve Cheque Book Service, CAIT Official Says
November 17, 2017
In another push towards a digital economy, the Narendra Modi government may remove the cheque book service from the banks in the near future, Praveen Khandelwal, Secretary General of Confederation of All India Traders (CAIT) said.
Khandelwal, who was present at the launch-event for “Digital Rath”, a CAIT-Mastercard initiative to promote digital payments, said that the government spends about Rs. 25,000 crores on the printing of currency notes, and about 6,000 crores on logistics and security.
He said that banks charge a 2% fee on credit card payments and 1% on debit card payments. To incentivize this process, the government should provide a direct subsidy to the banks so as to eliminate these charges, he added.
