RBI initiates process to reduce transaction cost
Shital Jibhe / 21 Jan 2017
On January 20, the RBI Governor Urjit Patel along with Deputy Governor R Gandhi and other senior functionaries, appeared before the Parliament's Public Account Committee (PAC) to review monetary policy.
On January 20, the RBI Governor Urjit Patel along with Deputy Governor R Gandhi and other senior functionaries, appeared before the Parliament's Public Account Committee (PAC) to review monetary policy. The members asked several questions from the RBI Governor, who has been given 15 days time to respond to the queries.
The move of the centre to demonetise Rs 500 and Rs 1000 increased the online transaction to a significant extent. However, the online charges for the transaction made were hefty.
According to reports, the RBI informed that a mechanism was being discussed with stakeholders, including banks and payment gateways, to bring down the cost of transactions in tandem with the government's initiative to promote digital payments. However, the RBI accepted that the cash flow position has largely improved in the country.
PAC will meet again on February 10, 2017 to discuss the issue with Finance Ministry officials.
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