GOVERNMENT OF INDIA

MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY

LOK SABHA

UNSTARRED QUESTION NO. 652

TO BE ANSWERED ON: 19.07.2017

CASHLESS ECONOMY

652 . SHRI ANANTKUMAR HEGDE:

Will the Minister of ELECTRONICS & INFORMATION TECHNOLOGY be pleased to state: -

(a) whether the expansion of digital economy has taken place after the promotion of cashless economy in the country;

(b) if so, the assessment of the said expansion till date in year 2017 in comparison with the last year;

(c) whether it is a fact that a commission is charged on cash transactions under the digital economy; and

(d) if so, the percentage collected now on various mediums of transaction? 

ANSWER

MINISTER OF STATE FOR ELECTRONICS AND INFORMATION TECHNOLOGY

(SHRI P.P. CHAUDHARY)

(a) and (b): The total number of digital payment transactions over the period October, 2016 to May, 2017 is at Annexure I. The data indicates that there has been an increase in digital payments transactions during the said period.

(c) and (d): As per Reserve Bank of India (RBI) circular No. RBI/2014-15/72 dated 1st July 2014, scheduled commercial banks have freedom to levy charges for various services. An illustrative list of charges levied by some of the public sector banks on handling of cash is at Annexure-II. 

# Month Total Digital Payment Transactions (In Crores)

1 Oct 2016 71.27 2

Nov 2016 83.48

3 Dec 2016 123.46

4 Jan 2017 114.96

5 Feb 2017 101.18

6 Mar 2017 119.07

7 April 2017 118.01

8 May 2017 111.45