Ahead of the first anniversary of note ban, Finance Minister Arun Jaitley said on Monday that excessive cash in the economy has “its own cost” and India is gradually moving towards digital transactions.
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, compared to cash dealings.
At the inauguration of the new building of Punjab National Bank head office in the Capital, Jaitley said: “Excessive dependence on cash has its own cost. It is not just cost but there is a curse of cash. It has impact on both society and economy.”