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No service charge for digital transactions till Dec 31, says Shaktikanta Das

Das has announced that to benefit farmers NABARD (National Bank for Agriculture And Rural Development) has been asked to sanction around Rs 21,000 crores to rural areas.

Economic Affairs Secretary Shaktikanta Das has addressed the media on Wednesday on currency ban of Rs 500 and Rs 1000 as the government is facing stiff resistance from the Opposition in both the Houses of Parliament. He said new measures were on the list  to tackle the hardships of people who were standing in queues in front of banks.

Das has announced that to benefit farmers NABARD (National Bank for Agriculture And Rural Development) has been asked to sanction around Rs 21,000 crores to rural areas. H added that this measure will help the  district cooperative banks to pass money to primary agricultural societies.

“NABARD and RBI has been advised to ensure adequate cash supply is available to the DCCBs,” Das told reporters.

“Finance Minister Arun Jaitley held video-conference call with NABARD & RBI and advised them to carry out whole chain of activities smoothly,” he added.

Das announced that to ensure that farmers get credit, the cooperative banks,NABARD, and RBI will make arrangements to make cash available to districts.

He said that there has been a sudden surge in demand for using digital financial transactions.”Public banks have said that there has been a surge in demand for usage of digital financial transactions,” Das added.

To make sure that more people move towards digital transactions no service charge will be levied on digital financial transactions using feature phones till Dec 31st. Even Railways have also agreed to waive off all service charges for online booking of train tickets.

He assured everyone that the long queues in front of ATMs will be solved soon. The secretary has announced that around 82,000 ATMs have been re-calibrated so far and said all ATMs will be recalibrated within days.

Some other important announcements:

  • All switching charges and other charges for RUPAY cards have been waived till December 31
  • Switching charges on debit cards will be waived off till December 31
  • All government organisations and public sector facilities are directed to use only e-payments-via card or digital platforms, AADHAAR enabled payments, etc.

 

 

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