Published on 29/11/2017 11:15:23 AM | Source: Dion Global Solutions Ltd.
Digital payments fast replacing cash: Minister
Finance Minister Arun Jaitley has said that digital transaction is fast taking the place of cash being a predominant instrument for transactions with a series of government initiatives to formalise the economy. Commenting on the issue, Finance Minister Arun Jaitley told the media, "We had almost reconciled to the fact that the economy would be substantially informal. It's only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required.”
"And that on its own pace would have taken an indefinite long time and we would have all waited till the cows came home for the economy to really formalise by itself. But then several policy initiatives that the government took one after the other have set off a chain reaction and that chain reaction is visible in various ways," he said. "Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies," he added.
