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Telangana CM stresses on educating people on Electronic Financial Literacy

Hyderabad (Telangana): Chief Minister K. Chandrashekhar Rao on Tuesday stressed that people should be educated on Electronic Financial Literacy as technology is playing a major role in day-to-day life.

“The time has come for the people to have awareness on the electronic transactions and there is a need to change the present thinking of people. The digital transfer of money, post demonetisation, became a necessity for the financial transactions,” he said.

Rao was speaking at a meeting held in Pragathi Bhavan with senior officials from ICIC Bank, who came forward to offer the bank’s services to the people on the digital platform, said chief public relations officer (CPRO) to the Telangana Chief Minister in a statement issued here.

The ICICI Bank officials have explained to the CM about the ongoing digital transactions trend in the country. They have expressed their desire extend their Bank services to the people in the State.

The Chief Minister said the people are always ready to accept any change provided if they are explained the benefits of the change. “The people should be explained on the benefits of the new method,” he said, adding that the immediate necessity was conducting financial transactions through digital platforms.

In this context, the CM said very soon the State would implement the digital transactions at all levels and would become the first State to have done cashless transactions.

He lauded the fact that Telangana, for the past five days, has been registering the highest number of financial transactions digitally on a daily basis and stood first in the country, the statement said.

“It is not that people have no knowledge about the digital transactions. Since they are used to the cash transactions, they are yet to get familiarise with using ATMs and Swipe Machines. In the rural areas, do people have the habit of paying through cheque while purchasing daily commodities like milk, vegetables, and mutton etc.,” the CM asked?

“It would not be possible for the people to get into banking transactions overnight. It would take some more time for them to get a feel of it. It is good that the banks have come forward to offer their services,” he said.

The Chief Minister has asked Information and Technology Minister K.T. Rama Rao to ensure that people are educated and created awareness on digital transactions through advertisement jingles, said the statement.

“Tell people that it is not safe to have hard currency in their pockets and in their houses. The people should understand that their money is safe through the digital transactions. To achieve this objective, what the government should do, what role the government officials to play and what kind of coordination is needed between the government and the bankers should be discussed with meetings between the organisations concerned,” the CM observed.

The CM also underlined the need to make the state government administration a partner in the entire process and all the employees working in the rural areas from village secretaries’ level to undergo training in this regard. The ICICI bank representatives have given several suggestions to the Honourble Chief Minister.

The Chief Minister pointed out that even in a technologically advanced country like the U.S., there is still some percentage of cash transactions. “In our country where cash transactions are part of our life and culture, there would be a small percentage of people who would still continue cash transactions. It is very much in our psyche to actually touch and feel the currency,” the CM explained.

CM also reiterated that once a cashless society is established there will not be any other taxes except the GST and Banking Transaction Tax. He wanted the bank management and employees to help the people to understand the new methods and extend their services. He wanted the IT Minister to have regular meetings with the bankers. He also agreed to formally launch State Government’s TS e-Wallet during the Collectors’ conference to be held here on December 14.

ANI