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Saturday, January 3, 2015

Cashless transactions only way to curb black money: Modi

Cashless transactions are the only way to deal with black money problems, according to Prime Minister Narendra Modi. “Banks should compete on promoting cashless transactions as this will address issues related to black money,” he said at an event organised by ICICI Bank here on Friday.

Modi also urged the banks to look at creating financing schemes to encourage entrepreneurs in the area of cleanliness.

“The banking sector should look at a new area of creating 1 lakh swachchtha entrepreneurs. There is immense scope in solid waste management and waste water treatment,” Modi said.

He said rural development is the need of the hour and villages are not ready to wait any longer.

The Prime Minister said the banking sector can drive a huge change in the Indian economy. “People in India save gold because of safety and security. If banks can take up social transformation, people will rely on banks for security instead of gold,” he said.
Financial inclusion

Speaking at the event, Finance Minister Arun Jaitley said the targets set for financial inclusion have been achieved well before their deadline.

“We had set a target of reaching 7.5 crore families under the financial inclusion plan, by January 26. We have exceeded the target in December,” Jaitley said.

“Our challenge is to spur investments. Our focus is on improving manufacturing in a big way… the time has come to enter the next phase, where we revive India. Banks in India will be the catalyst,” he added.

Source : Thehindubusinessline


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