Reduce Big Currency Notes, Encourage Digital Payments, CM Tells Bankers
8 months, 3 weeks ago

Reduce Big Currency Notes, Encourage Digital Payments, CM Tells Bankers

Deccan Chronicle  

Vijayawada: Chief Minister Nara Chandrababu Naidu has called upon bankers to cooperate with the beneficiaries of subsidised loans, welfare schemes and developmental initiatives. Naidu advised bankers to reduce the dependence on, or circulation of, big currency notes of Rs 500 and Rs 200, and promote digital transactions. A loan plan with Rs 5,40,000 crore was released, showing allocations of Rs 3,75,000 crore to priority sectors and Rs 1,65,000 crore to other sectors and targeting a release of Rs 2,64,000 crore in loans to the agriculture sector. A loan plan of Rs 32,600 crore has been made for the dairy, poultry, and fisheries sectors as well as for agricultural mechanisation and for basic facilities in the agriculture sector. It was stated in the meeting that a Rs 2,31,000 crore loan target was set for the agriculture sector last year and 90 per cent of this was achieved.

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History of this topic

India at the Forefront of Digital Revolution: RBI’s Patra
4 months, 2 weeks ago

India at the Forefront of Digital Revolution: RBI’s Patra

Deccan Chronicle  

Mumbai: India is at the forefront of the digital revolution and financial technology is speeding up digital payments, the Reserve Bank of India Deputy Governor Michael Debabrata Patra said on Wednesday. Patra in his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' said that the country is uniquely positioned to unlock new growth …

India’s digital payments market will grow to USD 10 trillion by 2026
2 years ago

India’s digital payments market will grow to USD 10 trillion by 2026

Op India  

In a country witnessing rapid growth, it comes as no surprise that India also has one of the fastest-growing fintech landscapes in the world, driven primarily by the advancement in digital payments segment. A recent report by PhonePe and Boston Consulting Group concluded that India’s digital payments market will more than triple from USD 3 trillion to USD 10 trillion …

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records
2 years, 1 month ago

'Net' Gains: Digital Transactions in India in 2022-23 Break All Records

News 18  

The number of digital transactions in India in this financial year is at a historic high, zooming past the last fiscal’s figure with still three months to go. The latest government data reveals that 9,192 crore digital transactions have been done in the country in this financial year till December 31, 2022. The total value of digital transactions in India …

Budget 2023: Government should provide high priority to digital infra, skilling
2 years, 2 months ago

Budget 2023: Government should provide high priority to digital infra, skilling

Firstpost  

Budget 2023-24 would probably be the most challenging one that Finance Minister Nirmala Sitharaman would be tabled on 1 February, 2023. The government’s commitment to digital skill development and its alignment with the IT tech sector, and the PLI scheme targeted at helping manufacturers of IT hardware and computer servers need to receive equal weight in this year’s Budget. In …

Budget 2023: FM Sitharaman's past key budget announcements on banking
2 years, 2 months ago

Budget 2023: FM Sitharaman's past key budget announcements on banking

Hindustan Times  

Finance Minister Nirmala Sitharaman on February 1 will present the Union Budget for the fiscal year 2023-24. Budget 2019-20 In her first Union Budget as Finance minister, Nirmala Sitharaman announced to re-capitalise Public Sector Banks of ₹70,000 crore to boost credit which was part of previously announced ₹3 lakh crore capital infusion. Budget 2021-22 The budget of 2021-22 proposed setting …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
2 years, 2 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments
2 years, 2 months ago

Centre earmarks ₹2,600 crore as incentive for banks to promote digital payments

The Hindu  

The Union Cabinet approved an outlay of ₹2,600 crore to promote payments using RuPay cards and the Unified Payments Interface, Union Minister Bhupendra Yadav announced on Wednesday. Banks will be provided this incentive money to promote such digital payments, the Cabinet said in a press release. “The scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly …

10 reasons why digital rupee is the future of money
2 years, 4 months ago

10 reasons why digital rupee is the future of money

Live Mint  

The digital rupee rollout is a big step ahead in India’s digital transformation. Livemint spoke to experts on reasons why digital rupee is the future of money 1) Centralised Central bank digital currency – a new digital form of money issued by central banks – may just be the new infrastructure we need for ushering in more trust, resilience, and …

Explained: RBI’s digital currency plans
3 years, 1 month ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

Higher capital expenditure will keep economic revival going, says Finance Minister Nirmala Sitharaman
3 years, 1 month ago

Higher capital expenditure will keep economic revival going, says Finance Minister Nirmala Sitharaman

Firstpost  

The central government in the Union Budget on Tuesday announced a sharp increase of 35.4 per cent in the capital expenditure to Rs 7.50 Iakh crore in the financial year 2022-2023, around 2.9 per cent of the GDP Union finance minister Nirmala Sitharaman is hopeful that the higher allocation of capital expenditure in Budget 2022 will help maintain the momentum …

Digital rupee proposed in Budget 2022, can be exchanged for cash: PM Modi
3 years, 1 month ago

Digital rupee proposed in Budget 2022, can be exchanged for cash: PM Modi

India TV News  

Highlights Digital rupee could be exchanged for cash, said PM Modi on Wednesday. Prime Minister Narendra Modi on Wednesday said the digital rupee, proposed in the union budget, could be exchanged for cash and will open new opportunities in the fintech sector. Addressing the 'Atmanirbha Arthavyavastha' symposium organised by the BJP, he said the central bank digital currency or the …

Union Budget: FM Nirmala Sitharaman announces India's digital currency
3 years, 2 months ago

Union Budget: FM Nirmala Sitharaman announces India's digital currency

Op India  

Finance Minister Nirmala Sitharaman announced that India would have its own digital currency – Digital Rupee. In her budget speech, Finance Minister Sitharaman announced that a digital rupee will be issued using blockchain and other technologies and will be issued by the Reserve Bank of India starting 2022-23. This will give a big boost to the economy: FM Nirmala Sitharaman#Budget2022 …

Budget 2022: India to have its own Digital Currency: What FM Sitharaman said in Budget speech
3 years, 2 months ago

Budget 2022: India to have its own Digital Currency: What FM Sitharaman said in Budget speech

India TV News  

Highlights RBI will be issuing a digital rupee using blockchain and other technologies, Sitharaman said The same will be issued in the Financial Year 2022-23 This will give a big boost to the economy, Sitharaman said today The Reserve Bank of India will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and …

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19
5 years, 7 months ago

Digital economy? RBI says currency in circulation soars 17% to Rs 21.1 lakh cr in FY19

Firstpost  

Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 percent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank said in its annual report for 2019 Mumbai: Despite the many an effort to shift to digital payments and usher …

Budget 2019-20: Digital payments are gaining greater acceptance, says Finance Minister Nirmala Sitharaman
5 years, 8 months ago

Budget 2019-20: Digital payments are gaining greater acceptance, says Finance Minister Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Friday presented her first budget. This is what she said about Digital Sector in India Digital payments are gaining greater acceptance In India, over 3,134 crore digital transactions were done during 2018-2019, according to Digital India’s official Twitter handle. The government was also expected to bring in some changes to promote its policy of digital …

Don't judge demonetisation to soon: From grocery to high-value purchases, note ban has given a leg-up to digital money
6 years, 4 months ago

Don't judge demonetisation to soon: From grocery to high-value purchases, note ban has given a leg-up to digital money

Firstpost  

Demonetisation has provided a necessary nudge to affect a behavioural change in society in the way cash is being used On 8 November 2016, the world’s two largest democracies sat on the edge. However, if there is one sector where the impact of demonetisation is most palpable and visible in our immediate surroundings; it is electronic transactions, digital payments, and …

Digital Payment will soon be country’s norm: Finance Ministry
6 years, 6 months ago

Digital Payment will soon be country’s norm: Finance Ministry

India TV News  

Digital payment will soon be the norm in the country, Finance Ministry officials said on Monday, as the monthly transactions crossed 300 million mark through Unified Payments Interface. With base of 100 million Indians connected with digital payment ecosystem rising at a fast clip, India will soon be a digital payment society.” Financial Services Secretary Rajeev Kumar said the spurt …

Digital payments to be trillion-dollar market by 2023: NITI Aayog
6 years, 8 months ago

Digital payments to be trillion-dollar market by 2023: NITI Aayog

The Quint  

New Delhi, July 31 The digital payments market in India is set to become a trillion-dollar industry in the next five years, led by growth in mobile payments which are slated to rise to $190 billion by 2023 from $10 billion in 2017-18, the NITI Aayog said on Tuesday. This would present huge business opportunities for players in the digital …

In push for digital payments, Centre will repay transaction fees to sellers for 2 years for transactions under Rs 2,000, says Govt
7 years, 3 months ago

In push for digital payments, Centre will repay transaction fees to sellers for 2 years for transactions under Rs 2,000, says Govt

India TV News  

Union Minister Ravi Shankar Prasad on Friday briefed media about all important decisions take in the cabinet meeting early in the day. Indian Medical Council will be replaced by National Medical Council bill, says Union Minister Ravi Shankar Prasad # Cabinet approves proposal to introduce the Muslim Women Bill, 2017, to make instant triple talaq void and illegal. # The …

Cashless economy: Govt hopes 1,800 crore digital payment transactions will take place in 2018 financial year
7 years, 3 months ago

Cashless economy: Govt hopes 1,800 crore digital payment transactions will take place in 2018 financial year

Firstpost  

The scale and value of digital payment transactions underscored how these new forms of payment had reached the masses, govt said New Delhi: Digital payments in India have shown a dramatic rise, reaching 1,162 crore transactions between April and November and are expected to exceed 1,800 crore in the current fiscal, Minister of State for Electronics and IT K J …

Currency back in circulation at 91%, digital payments up but fluctuating; cashless economy a long way off
7 years, 4 months ago

Currency back in circulation at 91%, digital payments up but fluctuating; cashless economy a long way off

Firstpost  

The number and value of digital payments has increased compared with the pre-demonetisation level, but by varying extents each month. Digital payments increased in value to Rs 124.7 lakh crore in September 2017, up 33 percent from Rs 94 lakh crore in November 2016, but dipped by 20 percent by 29 October, 2017 to Rs 99.3 lakh crore over the …

Demonetisation's Economic Boon: A Year Later
7 years, 4 months ago

Demonetisation's Economic Boon: A Year Later

India TV News  

Demonetisation has led to multiple benefits for the Indian economy, including the reduction of black money, elimination of fake notes, and reduction in cash in circulation. The total currency in circulation has come down to Rs 14.75 lakh crore as of August 4, 2017, from Rs 17.77 lakh crore. Only 83 per cent is the effective currency in circulation today …

Budget 2017: Digital payments to weed out corruption, says Arun Jaitley
8 years, 2 months ago

Budget 2017: Digital payments to weed out corruption, says Arun Jaitley

Live Mint  

New Delhi: Promotion of digital economy will clean up the system, weed out corruption and black money, and the government will soon launch an Aadhaar-based payment system to promote digital transactions for people living in hinterlands, finance minister Arun Jaitley said on Wednesday. Promotion of digital economy is an integral part of the government’s strategy, Jaitley said, adding it has …

Printing of Rs 2,000 notes should be stopped in future: Ramdev
8 years, 2 months ago

Printing of Rs 2,000 notes should be stopped in future: Ramdev

Deccan Chronicle  

Raipur: Hailing Prime Minister Narendra Modi for demonetising Rs 1,000 and Rs 500 currency notes, Yoga guru Baba Ramdev on Monday said printing of Rs 2,000 currency notes should also be stopped in future. "Fake currency note in high denomination is convenient for printing, transportation and difficult to trace.I feel the printing of Rs 2,000 note should be stopped in …

Notes to remember
8 years, 3 months ago

Notes to remember

The Hindu  

If three-quarters of the population in an advanced economy like the United States appear to either favour cash payments or a mix of both cash and non-cash payments while making purchases, how challenging will it be for a developing country like India to transition to a so-called cashless economy? There are other interesting revelations in the survey that might hold …

Govt announces discounts on petrol, rail tickets in digital payments push
8 years, 3 months ago

Govt announces discounts on petrol, rail tickets in digital payments push

Live Mint  

New Delhi: In a move that will hasten India’s shift towards a cashless economy, the government on Thursday announced a slew of measures to encourage digital payments, exactly a month after its decision to scrap high-value banknotes. Using a mix of monetary incentives and waivers of taxes and transaction fees, the government sought to reduce the usage of cash for …

Note Ban: Bitter Pill for Cancerous Elements of Parallel Economy
8 years, 3 months ago

Note Ban: Bitter Pill for Cancerous Elements of Parallel Economy

The Quint  

As per the RBI annual report of March 2016, total banknotes in circulation were valued at Rs 16.42 lakh crore, of which 86 percent was in denomination of Rs 500 and Rs 1,000 banknotes. Hitting Economic Terror ) – which says that 15-20 percent of every Rs 10 lakh notes in circulation in India are fake, and Rs 70 crore …

India may go cashless in a year, Rs 500, Rs 2k notes to be redundant: experts
8 years, 4 months ago

India may go cashless in a year, Rs 500, Rs 2k notes to be redundant: experts

Deccan Chronicle  

Mumbai: Arthakranti Pratishthan, a think-tank, which appears to be the brain behind the Modi government’s demonetisation scheme is of the opinion that within six months to one year India will be all set to go “cashless” at which point Rs 2,000 and Rs 500 notes could also be withdrawn. The Organiser interview quoted another senior member of the think-tank Anil …

ATMs in AP run dry, CM urges Modi-govt to introduce Rs 200 notes
8 years, 4 months ago

ATMs in AP run dry, CM urges Modi-govt to introduce Rs 200 notes

Deccan Chronicle  

Amaravati: Andhra Pradesh Chief Minister N. Chandrababu Naidu has urged the central government to introduce Rs 200 notes to ease the trouble that the common people are facing following the demonetisation of high value currency. According to reports, Naidu, who had hailed the Centre’s decision to scrap Rs 500 and Rs 1000 notes in a move to tackle the menace …

Notes withdrawal a big leap towards e-payments, says Nasscom President
8 years, 4 months ago

Notes withdrawal a big leap towards e-payments, says Nasscom President

India TV News  

Notes withdrawal a big leap towards e-payments, says Nasscom President IT body National Association of Software and Services Companies on Wednesday said that the electronic payment has moderately little infiltration in India and the government’s move to scrap Rs 500 and Rs 1,000 notes IT body National Association of Software and Services Companies on Wednesday said that the electronic payment …

India to scrap two biggest bank notes at midnight to tackle corruption
8 years, 4 months ago

India to scrap two biggest bank notes at midnight to tackle corruption

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India will abolish the country’s …

India can save upto Rs 70,000 cr in next five years by reducing cash transactions: Visa study
8 years, 5 months ago

India can save upto Rs 70,000 cr in next five years by reducing cash transactions: Visa study

Firstpost  

The Indian economy has a high cost of cash because of significant cost of time, effort and resources, operating and maintaining cash infrastructure, high cost of cash withdrawals, moving and managing cost, Visa said. India can save upto Rs 70,000 crore in the next five years by taking measures to reduce cash handling by widening digital transactions base, global payments …

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