People are shifting towards digital transaction, says Jaitley

Finance Minister Arun Jaitley said today that dealing in cash has a cost and a clear trend is emerging in the country which shows a shift towards digital transactions.

"Excessive dependence on cash has its cost. It is not just cost but it is a curse on both society and economy," he said at an event organised by Punjab National Bank (PNB) here.

There is clear subtle change taking place in the country and there is a shift towards digital payment, he said.

Digital transactions and transactions through banking instruments is going to grow, he added.

The government has been pushing for a less-cash economy and promoting digital transactions, especially post- demonetisation of high value currency in November last year.