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Cashless / Digital Transaction


tweaker

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On 2/7/2017 at 1:33 PM, wtachetna said:

I'm suffering a lot ever since the demonetization took place in India. All my expenditure got effected. I abstain from going to market because there is only 50% chance that I would come with the things I wanted as only few people are accepting digital transaction.

 

Where do you live?

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The responsibility for promotion of digital transactions, including digital payments, has been passed on to the Ministry of Electronics and Information Technology (MeitY) from NITI Aayog as the Prime Minister’s Office (PMO) was not satisfied with latter’s handling of the project.

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Banks including HDFC Bank, ICICI Bank and Axis Bank began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive. For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

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Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10 days, the Reserve Bank said on Thursday.

 

In case the third party fraud is reported with a delay of four to seven working days, a customer will face liability of up to Rs 25,000.

 

However, in cases where the loss is due to negligence by the account holder (such as sharing of payment credentials), the customer will bear the entire loss until the unauthorised transaction is reported to the bank.

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More digitisation is not the solution to most of India's intrinsic problems, such as its inefficient education system or police corruption, Lant Pritchett, professor of the Practice of International Development at the Harvard Business School,

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