RBI to encourage digital transactions to minimize use of paper.

RBI to encourage digital transactions to minimize use of paper.

Chandigarh, June 4 ( H.S.): Anil Yadav, GM- Financial Inclusion & Development Department, Reserve Bank of India has emphasized the need for encouraging digital transactions with minimal use of paper. ‘The introduction of Cheque Truncation System or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically, is not only cost effective but also eco-friendly said Anil Yadav during the Green Banking Conclave being organized by PHD Chamber today at PHD House.

He said earlier various payments of billing pertaining to MNREGA were done in cash whereas nowadays initiatives taken by Prime Minister Narender Modi allowed the subsidies of LPG, farmers, students’ scholarship, angwanwari on digital platform is securing the future generation. While expressing his concerns over the cash management which includes its printing, circulation and security, he stressed upon the e-payment modes and various mobile apps usage.

Speaking on occasion, MP Singh, Director, Punjab Energy Development Agency (PEDA) informed that soon CNG gas will be derived from stubble which is one form of an environment-friendly initiative by the Government. Farmers will be made to refrain from stubble burning to additional income for them. He said the pilot project of CNG from stubble has been successfully done and its implementation is on cards in Punjab.

Present on the occasion, Mukul Bansal, Chairman, Punjab Banking & Financial Services Committee, PHD Chamber underlined that Green Banking is the need of the hour wherein Government and Industry need to play a participative role .

RS Sachdeva, Chairman, Punjab State Chapter, PHD Chamber expressed his concern that with mounting industrialization in state, the environment is key area for attention which needs to be secure and such platforms organized by PHD Chamber proved worthy in this direction.

S S  Birdi, DGM, State Bank of India highlighted green initiatives taken by the bank in terms of its processes, products and services. Susmit Datta & Sandip Keswani, Associate Directors, KMPG, Kolkotta & New Delhi respectively shared initiatives taken by select banks in enhancing eco-friendly projects.