Today, The Economic Affairs Secretary, Shaktikanta Das has tweets some announcements related to the demonetization i.e., for the benefits of the farmers NABARD has sanctioned a special limit of 21000 crores for District Cooperative Banks. Almost 40% of small & Marginal farmers get their institutional Agricultural credit from the Cooperative institution.
Banks, NABARD & RBI have been advised to make required cash available to DCCB’s. RBI has already announced relief to small loanees upto one crore. Role played by the bank from the last few days is appreciated The entire banking structure has fully geared up to the situation. NPCI has waived off switching and other charges on RuPay cards. Government has been talking to private banks to ensure better penetration of digital Transactions. Some banks and switching service providers have agreed to waive off Service charges on the use of debit cards till 31st of December.
RBI has already enhanced the transaction limits for electronic wallets. Railway have announced waiving off of service charge on tickets booked online till 31st December 2016. 58% of railway tickets are booked online. One of the objective of the demonetization was that people migrate to digital transaction. PSB’s have informed have that there is a surge in a demand for various cards after demonetization.
After TRAI reduced USSD charges from 150 paise to 50 Paise, Telecom companies also matched the move by waiving off the remaining 50 paise. Digital Transaction on non-smart feature phones will be free of any service charge till 31st Dec 2016. Ministry of Road Transport & Highways is advising vehicle manufacturers that new vehicle be provided with Electronic Toll Connection complaints RFID facility to enable digital Payment at toll plazas and check posts and reduce waiting time.
All Govt organisations & PSU’s and other Govt authorities have been advised to use only digital methods for payments to Stake holders and employees, In cas of private parties also. it will be required to provide an option of digital payments instead of cheque or demand draft.
