E-transactions-the removal of hurdles...

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 The government has decided to waive the transaction charges hitherto charged by banks where the same have been made thru use of  Ru-pay debit cards. The benefit has also been extended to transactions made through UPI based apps.


While ICICI bank was first yo introduce e-banking through use of internet in 1996 in india the awareness began and a wider use of the digital system took off only since 1999. The need for computerisation of banking system was felt as early as in 1980 as the focus shifted from conventional banking to convinient banking. Gradually, the banks started using Information Technology and slowly standalone computers got linked to Local Area Network. As time passed the banks resorted to Core Banking Solutions where the all the bank networks got integrated as the concept of ‘Anywhere and Anytime Banking’ got clear shape. Today banking as is seen is more of a convenience and personal preference in terms of service.


The need for e-banking grew over the years and eventually all payment of taxes were made mandatory to be made through e-transactions. However, the need for such e-banking reached its pinnacle after the demonetisation policy was suddenly introduced in November 2016. The demonetisation of then existing 85% of currency gave filip to e-transactions as it remained the most affordable way to meet monetary commitments by  public in general. The introduction of Jan Dhan accounts for underprivileged earlier further helped the cause.


While people in general got accustomed to use of e-transactions, now even through mobile banking as a cheap internet was made available,there seemed to be spanner thrown in the wheel as a cost was involved as banks started charging transactions made through use of electronic medium. Seemingly small this cost no doubt caused financial hardship to poor users. Now, with abolition of such charges on use of Ru-pay debit cards or where transactions are made through use of UPI interface based apps the smooth functionality of e-banking will be the order of the day and a dream of cashless transactions in the country will take a concrete shape.




Comments

  1. UnknownAugust 31, 2020 at 8:38 AM

    The govt should try to waive such charges in respect of all e_transactions

    ReplyDelete
  2. UnknownAugust 31, 2020 at 9:27 AM

    The govt should try to waive such charges in respect of all e_transactions

    ReplyDelete
    Replies
    1. UnknownAugust 31, 2020 at 9:41 AM

      Kkk

      Delete
    2. UnknownAugust 31, 2020 at 9:48 AM

      Basically, Rupay cards started by National payments corporation of India to fulfil the Vision of RBI. It is good that govt is boosting the use of rupay debit cards by exempting the transaction charges but I think they should exempt the charges of all debit cards to fulfil their purpose.

      Delete
    3. Prabir Das BloggerSeptember 5, 2020 at 10:54 PM

      Definitely.

      Delete
  3. prernaSeptember 5, 2020 at 9:56 PM

    There are some shops here who charge extra if you swipe your card instead of paying cash. This will put an end to such practices.

    ReplyDelete
    Replies
    1. Prabir Das BloggerSeptember 5, 2020 at 10:54 PM

      That should definitely be the Government endeavour in order to achieve the desired objective.

      Delete

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