JK News Today



Jammu and Kashmir Finance Minister  Haseeb Drabu has told  the bankers to go in for a step by step  inclusive approach for transition  from cash to cashless economy.

Drabu who also is a renowned economist  spelled out  steps, which would enable the people to have trust in the banking system.

He said that the  concept of Digital Banking is not just about adopting technology in the existing banking system but to bring socio-economic change in the society. He said, “ we should look beyond the technology and in a state like Jammu and Kashmir there are many important issues which need to be addressed before moving fully towards Digital Banking”

The Minister was addressing a special meeting of State Level Bankers Committee on Digital Banking held here today.

The Finance Minister said J&K is having uncertain conditions and the transactional demand is very high especially in Kashmir. He asked the representatives of all the banks participating in the meeting to work out a strategy to get people into the process keeping in mind up gradation of required financial infrastructure.

The Finance Minister stressed on involving institutions like Panchayats to be part of digital banking concept which will further help in building trust of the people in whole banking system. Drabu asked the banks for making 100 digital Panchayats in 2017-18 so that the process could be then replicated in other Panchayats.

Drabu also asked the banks to look at some specific solutions to the issue. He asked them to work on introducing preloaded cards having certain limit of amount deposited by the customer in it. This will d-link the card from the bank account and reduce workload.

During the meeting stress was laid on increasing card base in the state by providing debit cards to all account holders by March 31, 2017 and encouraging them to go for cashless transactions. The Minister also asked Chairman J&K Bank to reconsider the concept of maintenance charges.