7 ways PM Modi encouraged digital transaction

 

To effectively disburse new currency and to help fight the currency crunch, the Finance Ministry has recently issued a couple of operational measures to give a push to digital transactions. 

 

Here are the 7 measures that promote digital payments and you must know about:  

 

1. 30 crore RuPay Debit cards issued: 

 

The authorities have issued 30 crore RyPay debit cards that also includes the holders of Jan Dhan accounts. As per the government notification, there has been a rise of almost 300% in the use of RuPay debit card in past 12 days. 

 

To promote the usage of these debit cards, the banks will also waive transaction charges (MDR) will December 31, 2016. National Payments Council of India (NPCI) has already waived off its charges. 

 

2. MDR charges waived off on debit cards: 

 

Public sector banks and many private banks have waived off transaction charges on debit cards till December 31, 2016. All transaction charges including charges for switching services have been waived off till December 31. 

 

3. E-wallets transaction's monthly limit increased:

 

Reserve Bank of India (RBI) to encourage the use of e-wallets has decided to increase the month transaction limit from ₹10,000 to ₹20,000 for individuals and soon enhancements will be announced for merchants. 

 

4. No service charge for E-ticket booking on Indian Railways: 

 

Indian Railways has also waived off the service charges on booking of E-tickets till December 31, 2016, to encourage people to buy tickets through e-ticketing system rather than from counters or through agents. 

 

5. TRAI reduces USSD charges: 

 

The USSD charges have been reduced from ₹1.50 per session to ₹0.50 per session for banking and payment related transaction by TRAI. Telecom companies have also decided to waive off the above ₹0.50 USSD charge per session till December 31 meaning no USSD charge till then.  

 

6. Electronic toll collection:

 

To make paying toll easy, faster and efficient at the toll plazas Ministry of Road Transport and Highways is advising the automobile manufacturers to provide Electronic Toll Collection (ETC) compliant Radio-frequency identification (RFID) in all new vehicles. 

 

7. Government organisations, PSUs advised to use digital payment methods: 

 

Finally, all Government organizations, public sector undertakings and other Government authorities have been advised to use only digital payment methods to pay stakeholders and employees. These methods include net banking, unified payment interface, cards, Aadhar enabled payment system, etc.