Vijayawada, December 2
The Central government has purposely reduced the cash availability at banks and ATMs to make the public to get used to cashless transactions, Mobile money, according to financial experts.
The government also limited cash withdrawals, considering that it will take a long time for the public to opt for digital payments if required cash is available through ATMs and banks. Otherwise, it would not take much time for the Centre and Reserve Bank of India to get the situation to normalcy, they felt.
If very less is in hand, then people will automatically choose to use debit/credit cards. By restricting cash availability, the Centre improved mobile purchases. E-Purse, Paytm and other mobile apps are already available while the banks are requesting the customers to develop special apps for their transactions.
The RBI has increased the mobile transactions limit from Rs. 10,000 to Rs. 20, after several companies showed interest in managing transactions.
The financial experts said one can do internet banking, online transactions even from their house and can use mobiles during emergencies.