Hyderabad

Banks have key role in promoting cashless transactions: KCR

Banks have key role in promoting cashless transactions: KCR

Hyderabad: Telangana Chief Minister K Chandrasekhar Rao today urged banks to step up their organisational capacities in the wake of demonetisation which has triggered a cash crisis amid the Centre’s push for cashless transactions.

Rao, who held a meeting with representatives of banks, said the lenders have to play a major role in promoting cashless transactions.

The Chief Minister urged banks to strengthen their organisational capacities to deal with the situation arising out of the Modi Government’s move to scrap Rs 500 and Rs 1,000 notes.

The State Government had announced its decision to undertake a pilot project to make Siddipet Assembly segment a model for cashless transactions and today’s meeting discussed the issue, a release from his office said.

“Since Siddipet is going to be the first Assembly constituency having cashless transactions, the Chief Minister said the Siddipet model should be a testing ground to find out what are the problems on the field level while implementing the cashless transaction system,” it said.

Rao wanted adequate supply of swipe machines and installation of ATMs in Siddipet. He sought about 4,000 swipe machines to be put in place in the constituency as there was more demand and less supply of these devices, it said.

“He (Rao) urged the officials to conduct village meetings (Gram Sabhas) to educate and create awareness among the people on the use of ATMs, credit and debit cards and mobile Apps. Bank accounts should be open for each and every individual,” it said.

Rao asked the officials to involve students as representatives who could educate people on cashless transactions, the release added.

PTI