Thursday , March 21 2019

Banks to Permit Net-Banking Facilities to kick start Digital Transactions

All Bank Accounts with have “Net-Banking” facility enabled for cash-less transactions. This will help to pace up the Digital transactions.

An internal assessment meeting was conducted by the ministry on Tuesday (28th Feb) where several presentations were shown to the Union Minister for Electronics and IT, Ravi Shankar Prasad. These presentations included digital banking schemes.

According to an official in the meeting, it has been decided that the banks will be instructed to enable net banking facilities to all its customer accounts by March 31. Presently, there are 30-35% of Bank accounts wherein customers did not enable their net banking facilities.

The discussion focused on the Banks to encourage people to use net-banking. And when a person uses BHIM app, he needs a net-banking facility for transaction purpose and only if the person’s telephone number is authenticated in the system.

One of the highlights of the discussion held was about BHIM’s success rate which is boosting up, since its launch by Prime Minister Narendra Modi in December. Until now, nearly 1.72-crore downloads of the App is recorded and financial transactions have been done to the tune of Rs 958 crore. It is observed the in the month of February, Rs 595 crore worth of transaction was done through BHIM.

The minister will also take a meeting with the banking authorities regarding the issues with Net Banking on the second week of March, as told by the official who was in the meeting. The Government’s interest in digital transactions got its pace during the demonetization situation on November 8.

In a recent interview, PM Narendra Modi told that there is no growth in the pace of digital transactions and it needs a government-supported plan to elevate its significance.

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