PM pitches for currency-less banking to curb black money

Prime Minister Narendra Modi on Monday pitched for currency-less banking across the country to bring illegal income under tax net.

"The future of banking would not just be premises-less and paper-less but also eventually currency-less, and this would help curb black money," he said at a launch function of a branch of private sector lender IDFC.

Modi said the banking sector, undergoing major transformation, was poised to achieve a big boost in growth in rural areas which would be similar to the growth achieved by the telecom sector some years ago.

He also described the banking sector reforms being undertaken by the central government in areas like senior appointments and empowering bank management through zero-interference.

Union Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha were also present on the occasion, the PMO said in a statement.