Embrace digital banking to tide-over currency crunch: PM Modi

Asserting that it will take 50 days for the situation to normalise post the demonetization, Prime Minster Narendra Modi on Sunday appealed to the people to embrace digital banking to tide over the currency crunch.

In a renewed push for making India a cashless economy, Prime Minister Modi in his Mann Ki Baat programme said, "Scrapping these notes has opened other avenues to make payments. Download apps of banks and e-payment options. Shopkeepers can keep card swiping facilities and everyone can ensure they pay safe using their credit and debit cards."

He asked traders and small shop owners to provide alternative payment methods such as using POS machines, e-payment wallets and other such "friendly technologies" to their patrons.

The Prime Minister said that by adopting such technology, even small traders can immensely increase their profits.

"I invite you to make India a cashless society. Mobile phone and the whole banking system can pose many alternatives to currency notes. Technological paths are safe's, secure and accelerated. I would like you to just help this campaign successful," he said.

Acknowledging that the demonetisation has caused great hardships to wage workers, Prime Minister Modi asked them to open their bank accounts so that they can also avail digital banking facilities.

"Once the money is in your bank account, you can make payments through your mobile phones. Your mobile phone nowadays serves as an e-purse. You can purchase any essential items with this," he said.

Prime Minister Modi said that it is his dream to have a cashless society.

"Though 100 per cent cashless is not possible but there is no harm in trying," he added.

The Prime Minister opined that the people would be trouble free if they are made aware of all digital financial transaction options.