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2017-10-16 ArtNo.46093
◆PM Narendra Modi for increased use of RuPay debit cards
 【New Delhi】Prime Minister Narendra Modi today (September 27, 2017) asked the Secretary, Financial Services, to look at ways to increase the use of RuPay debit cards that have been issued to Jan Dhan account holders. He gave the directive while chairing a meeting of Pro-Active Governance and Timely Implementation (PRAGATI), a monthly exercise of interaction with top officials of the states via video conference, according to a PMO statement. The prime minister also called for sustained efforts to boost digital payments and work towards a less cash society, it added. ○Card payments push may land banks with a Rs 3800cr annual hole  【Mumbai】The government's digital payments push, mainly online card payments through PoS machines, may leave already capital starved banks bleed by a whopping Rs 3,800 crore annually, warns a report. After the note-ban last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. The number of PoS terminals post-demonetisation has increased from 13.8 lakh in March 2016 to 28.4 lakh as of July 2017. On an average banks are installing 5,000 PoS per day. This has resulted in increase in debit plus credit cards transactions at PoS from Rs 51,900 crore in October 2016 to Rs 68,500 crore in July 2017, with peak reaching in December 2016 to Rs 89,200 crore. "We estimate that for OFF-US transactions, the aggregate annual loss for card transactions at PoS terminals around is Rs 4,700 crore. However, the net revenue gain per annum from ON-US transactions at PoS would be around Rs 900 crore only. "Therefore, the total annual loss to the banking industry is around Rs 3,800 crore," SBI Research said in a report today(Sep 28 2017). 【News source】 PM Narendra Modi for increased use of RuPay debit cards Card payments push may land banks with a Rs 3800cr annual hole ○One world： The aim of SEAnews ◆Recruitment of Ad-SEAnews CanvassersYour Comments / UnsubscribeSEAnews TwitterSEAnews MessengerSEAnewsFacebookSEAnewsGoogleSEAnews eBookstoreSEAnews eBookstore(GoogleJ)SEAnews world circulation |
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