Page 33 - Banking Finance April 2020

ARTICLE

OMBUDSMAN

FOR DIGITAL

TRANSACTION

O n 1st. July 2015 Govt Of India launched "Digital transactions such lower the MDR(merchant discount rate

),incentive for digital transaction in addition to DBT. Govt.
India" campaign. The motto is "Power to
Empower". The Govt. targeted to transfer
of India taken initiative and 4G/3G network is made
maximum financial & non financial transaction on
digital platform. Govt. has also taken initiatives to moving available in remote area. As a result of these initiatives the
digital transactions increased many fold as shown in table
towards cashless economy. In our country the cash handling below.
cost is approx. 0.25% of GDP. Cash transactions involves risk
,inconvenience and monitoring problem. On 11thApril 2016, Data of transaction on Digital Platform
NPCI (National Payment Corporation Of India) started new
digital transaction gateway as UPI (Unified Payment Financial Year Volume No. Value Rs.
Interface ) . After Nov 2016, demonetization the volume of (In Million) (in Billion)
digital transaction increased many folds. The Govt.of India/ 2014-15 3709.46 76111.29
RBI announced many incentive to promote digital 2015-16 5406.41 85271.12

2016-17 7138.40 96626.07
About the author 2017-18 9855.60 113551.85

Satish Kumar Pathak 2018-19 16799.46 136711.08
Chief Manager(Faculty) April-19 to July-19 7422.43 52139.47
Staff Training Centre
Union Bank Of India, Gurgaon Source: NPCI

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