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Govt working to expand digital transaction at great pace: FM

Govt working to expand digital transaction at great pace: FM
Asserting that the government is working to expand digital transaction at a great pace despite criticism, Finance Minister Arun Jaitley on Wednesday asked Opposition not to eulogise the virtues of cash as it leads to temptation for shadow economy.

"If an economy runs on cash, it is not credit to the country. ...Cash gives temptation for shadow and parallel economy. ...Don't find fault with the system, don't start singing the virtues of cash," Jaitley said while intervening in the discussion on Motion of thanks to President's Address in Rajya Sabha.

On Opposition's criticism that the country does not have adequate infrastructure to support digital economy, Jaitley said that there are 1.5 lakh bank branches, 2.10 lakh ATMs and 1.25 lakh banking correspondents.

Besides, telecom companies have been licenced to act as payment banks in addition to Department of Posts which will further enhance financial inclusion, he added. On concerns on additional cost associated with digital payments, Jaitley said there are several modes of payments including UPI and e-wallets.
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