Banks told to set up 10 lakh new PoS by March 31

By: | Published: December 7, 2016 6:03 AM

The government has asked banks to open 10 lakh additional points of sale (PoS) by March 31 next year, as part of the strategy to expand digital payment ecosystem to move towards cashless transactions.

In light of the Centre’s decision to demonetise high-value bank notes on November 8, banks have been making all-out efforts to facilitate genuine transactions, including deposit of old notes at bank counters. (Reuters)In light of the Centre’s decision to demonetise high-value bank notes on November 8, banks have been making all-out efforts to facilitate genuine transactions, including deposit of old notes at bank counters. (Reuters)

The government has asked banks to open 10 lakh additional points of sale (PoS) by March 31 next year, as part of the strategy to expand digital payment ecosystem to move towards cashless transactions.

“Towards this end, banks have already placed orders for 6 lakh PoS machines and another 4 lakh PoS machines are likely to be ordered in the next few days,” the finance ministry said in a statement on Tuesday.

Currently, there are about 15 lakh point of sale terminals across different merchants to facilitate card-based payments in the country.

A special drive has also been undertaken jointly by the ministry of labour & employment and state administrations to open banks accounts for unorganised labour by holding camps at various locations, it said. A total of 2,73,919 camps have been organised so far, in which 24.54 lakh accounts have been opened.

In light of the Centre’s decision to demonetise high-value bank notes on November 8, banks have been making all-out efforts to facilitate genuine transactions, including deposit of old notes at bank counters. While appropriate action is being taken against individuals involved in irregular and unauthorised activities, 27 officials of the public sector banks (PSBs) were suspended recently for irregularities.

In addition, audit has been taken up in a few branches of public sector banks.

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