Banking

Jaitley directs banks to go digital on mission mode

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arun-jaitleyUnion Finance Minister Arun Jaitley has directed all public and private sector banks to go digit on mission mode, a move set to push the country’s banking system a step closer towards the digital India dream.  

As per the Finance Minister, who set banks a target of converting cash transactions worth Rs 2 lakh crore into digital transactions by December 30, a task force comprising government officials and bankers will periodically review the progress made by individual banks.

In a meeting with chief executives of public sector and private banks, Jaitley said the principal objective of the government’s reform programme was to curb the use of physical currency.

The Finance Minister, who spoke to bankers through video conferencing, asked them to encourage customers to adopt alternate modes of transaction in a big way.

“The principle agenda for the meeting was to expand digital banking itself… Objective of this meeting was to appeal to the banking system and prepare them in mission mode for expediting this entire exercise,” he said.

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