Sunday, August 1, 2021
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Nation must move towards cashless transactions

This refers to the recent move by commercial banks to levy transaction charges on cash deposits and withdrawals beyond four times. According to the Finance industry experts the brunt of the negative impact of the move would be faced by self-employed and small businesses, while the salaried class might not face much inconvenience. Frequent visits to bank means lot of wastage of time while standing in queue. Since most of the people are now switching to make and receive payments through credit/debit cards and mobile wallet modes, this should not be a matter of concern for anyone except for and by those who consider it sacred to oppose whatever the Government  proposes. Banks and financial institutions are bound to recover charges incurred during their service to customers. For some it appears as if earning has become a crime, saving a crime and spending is also a crime in India but it is not so. This is a positive step towards government’s recent thrust on expanding digital payments. Time has now come when customers will have to develop the habit of making digital transactions even for small amounts, and move away from dependence on cash.

(The views expressed by the author in the article are his/her own.)

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