promoting electronic transactions
if every bank account holder does the transactions electronically , there is going to be thousands of crores savings in the transaction cost, SBI has devised a system even in the counters also, every account holder is given debit card and if you need cash withdrawal you will withdraw from ATM if you want to credit it can be done at bank in the single window counter, with help of debit card, through EDC machine.
now a days even APSRTC bus conductor also gives ticket through electronic machine, if it is made to accept debit and credit cards , cash less ticketing can be done at buses and Trains, For your information in Germany if tickets are taken at the counter , they will charge 5 eudo extra, if you take ticket with debit or credit cards at ticket vending machine it costs less, this can be encouraged at all railway and bus stations.
All government (Excise, Incometax, Customes, Registration, Road Transport agencies) and Quasi government agencies should have EDC machines and all payments above Rs, 2000 should be collected through electronically,
The limits for payment through debit card and credit cards should be increased depending on their previous performance. and special incentives to the regular credit card/debit card users should be encouraged.
if i purchase a ticket with credit card i have to pay 1.8 % extra , this cost has to be born by institutions/ banks as there is no service cost and personnel deployment and paper work is nil, this cost benefit should be passed to the customer by way of discount rather than charges.
I pay all bills electronically, BSNl and DTH provider
gives concessions.
for electronic payments there is bound to be frauds, wide publicity should be given for the precautions to be taken and sufficient educating campaigns should be launched.
If it is mandatory for transactions above Rs,2000 to be routed electronically at Retail and Service outlets
/ malls much of the direct cash transactions can be avoided. in Gujarat small business people are encourage to receive and pay small amounts through EDC machines with commission per transaction, this can eliminate cash pool up at business houses and without ATM banking services can be extended to villages and Towns facilitating Electronic payment.
it is very encouraging move, should be encouraged more
now a days even APSRTC bus conductor also gives ticket through electronic machine, if it is made to accept debit and credit cards , cash less ticketing can be done at buses and Trains, For your information in Germany if tickets are taken at the counter , they will charge 5 eudo extra, if you take ticket with debit or credit cards at ticket vending machine it costs less, this can be encouraged at all railway and bus stations.
All government (Excise, Incometax, Customes, Registration, Road Transport agencies) and Quasi government agencies should have EDC machines and all payments above Rs, 2000 should be collected through electronically,
The limits for payment through debit card and credit cards should be increased depending on their previous performance. and special incentives to the regular credit card/debit card users should be encouraged.
if i purchase a ticket with credit card i have to pay 1.8 % extra , this cost has to be born by institutions/ banks as there is no service cost and personnel deployment and paper work is nil, this cost benefit should be passed to the customer by way of discount rather than charges.
I pay all bills electronically, BSNl and DTH provider
gives concessions.
for electronic payments there is bound to be frauds, wide publicity should be given for the precautions to be taken and sufficient educating campaigns should be launched.
If it is mandatory for transactions above Rs,2000 to be routed electronically at Retail and Service outlets
/ malls much of the direct cash transactions can be avoided. in Gujarat small business people are encourage to receive and pay small amounts through EDC machines with commission per transaction, this can eliminate cash pool up at business houses and without ATM banking services can be extended to villages and Towns facilitating Electronic payment.
it is very encouraging move, should be encouraged more
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1. Issuance of Bankers Cheques at free charge of Rs500/- above in any number favouring indentor or order . 2. Issuance of postal orders also with the same procedure. BOTH THESE NEEDED TO BE IMPLEMENTED SIMULTANEOUSLY CONSIDERING THE 70% POPULATION TOO FOR A GOOD ACHIEVEMENT FAST TILL RBI & Govt. WORKOUT THE CURB OF Rs. 100/- ABOVE CURRENCY. PLEASE ADD-UP FOR BEST SAKE. more
Jun 24
But for this system to work smoothly big denomination should be withdrawn permanently from circulation or else all will have the tendency to pay by cash. more
Jun 24
Slow and steady wins the race. India does not consists of only cities and towns nor fully literate. All on a sudden the rules of ATM is tinkered with.a village resident is prepared to avail ATM facility we suppose. If the ATM goes out of cash what will he do ? What are the denominations of money that ATM will dispense. For converting the 500s and 1000s if he has to shell out some amount to certain sharks why he will patronaize ATM ? See how the roadside vegetable vendors and telavalas are functioning. To commence his day apart from the veg or articles he goes to the money changer to get small denominations. Is that small denominations are without any commission ? At the end of the day he again goes to the money changer to converts his smalls.If this is the reality the bigs from the ATM s can be converted to smalls as money changers are waiting to make hay when sun shines. In a month only limited withdrawals : this is not a boon to the customars. Like there may be other issues. For exploiting illiteracy there are enough no of persons already doing yeoman service. Replenishing does not come for a song.the only advantage may be money availability to restricted times. The cash van cannot travel without Security ! So there is a case for deeper analysis. more
Jun 24
