New Delhi, November 30: Come December and get ready to pay your milkman, domestic help, driver and newspaper man using mobile banking, or an e-wallet.
At least RBI’s latest directive has clearly indicated that cash crunch is here to stay for some time and that too, for the progress of Indian economy to become a cashless economy like developed countries.
ET quoted a banker who was present at one of the meetings with central bank officials, “We had sought a hearing with RBI as we were not allocated enough cash, but we were told that rationing of cash may continue for some time.”
As payday is approaching, central bank’s indication of continuing rationing of cash supply is worrisome as the brunt of cash crunch would be felt massively by the populace.
The Apex Bank has also said that, as the money supply may not ease out in the near future, the banks should push the customers to use the digital transactions. This will automatically curb the use of cash in the economy added the banker.
RBI Governor Urjit Patel in his first interview to the media, post the announcement of demonetisation by PM Modi on November 8, had also urged people to start using debit cards and digital wallets while ensuring that central bank was monitoring the situation on a daily basis with banks.
So all you can do to save your time at ATMs is to switch on to Internet banking, mobile banking, cards, e-wallets and digital money transfers and learn to live cashless by heart.