Ahead of the first anniversary of demonetisation, Finance Minister Arun Jaitley said today that excessive cash in the economy has "its own cost" and India is gradually moving towards digital transactions. Following that, the Centre has been pushing for digital payments and transactions through the banking channel so as to promote a 'less-cash' economy. Jaitley said some people have problem in accepting the fact that transactions through the digital mode and banking instruments are going to witness a rapid growth as compared to cash dealings. At the inauguration of the new building of Punjab National Bank (PNB) head office here, Jaitley said: "Excessive dependence on cash has its own cost. Minister of State for Finance Shiv Pratap Shukla asked banks to focus on rural India and work towards improving customer experience.

Source: dna November 06, 2017 16:30 UTC