Digital Payment Will Pick Up Momentum If Transfer Charge Is Waived

Digital Payment Will Pick Up Momentum If Transfer Charge Is Waived

“We reached a peak figure (after the demonetisation), then it marginally slipped and is now bound to pick up again,” said finance minister Arun Jaitley.
Finance Minister also expressed hope that digital payment is going to pick up momentum with more advanced technology coming into the market.
A lot of people went in for digitisation in terms of mode of payment more out of compulsion rather than finding it a more convenient method to transact.

Anger grows over Prime Minister Modi’s style of banking.

Opinion is moving overwhelmingly against hikes in bank transaction charges.

A growing number of consumer campaigns against the hikes are forcing the North Block and the RBI to wake up to possible voter anger.

Electronic transfers is rising after demonetisation.

The GST on electronic transfer charges should be waived to encourage a digital economy.

Charges for debit or credit card swipes, which were earlier free, are being charged.

Banks’ Fee hikes are an attempt to recover losses caused by bad loans.

Google launches UPI-based mobile payments app Tez in India
The app was built for India and is available in English and seven Indian languages (Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu).
Tez, a Hindi word which means fast. It works in partnership with four Banks — Axis Bank, HDFC Bank, ICICI Bank, and State Bank of India (SBI) .

Bad Loans

Decades of easy lending and easy re- writing of loans to big- ticket projects in the steel, infrastructure and power sectors have suddenly resulted in a surge in bad loans.

The Reserve Bank of India recently named some top 12 NPAs for immediate resolution and these dozen bad debts alone totalled over Rs 2.2 lakh crore.