Modi bats for cashless transactions to check black money

Prime Minister Narendra Modi on Sunday appealed to the nation for adopting a cashless mode of financial transactions to check illicit businesses and also circulation of black money.

To make cashless transactions much easier for citizens, the Centre is working on a project to launch a mobile application.

“We have started working on (a project) ‘Bank on Mobile-Universal Payment Interface Banking Transaction (UPI), which will bring a complete change in the way (the monetary transactions are currently done). It will become very easy to carryout transactions through your mobile phones (once UPI is rolled out),” he said during his “Mann ki Baat” monthly radio programme.

The National Payments Corporation of India, an umbrella organisation of the government for all retail payments system in the country, is working in association with banks on the project to roll out an android application for mobile phones to facilitate the citizens with much easier way of cashless transactions, he said.

“Once this (mobile app) is rolled out, you perhaps would not need a RuPay card with you (for cashless transactions). Apart from this initiative, about 1.25 lakh banking correspondents have also been recruited all over the country,” he added.

Highlighting the significance of switching over to cashless transaction mode from transacting in cash, the prime minister said it will not only help check illicit business but also make black money “ineffective.”  

“The entire world is moving towards becoming a cashless society. We have to build a modern India. We have to make India transparent. For this, we need to change some of our old habits. I need your help,” he said.

The prime minister underlined that since his government started Jan Dhan Yojna, bank accounts of almost every household in this country were opened.

“Citizens have also got their Aadhar numbers. And, almost every Indian today has a mobile phone. We can also move towards becoming a cashless society through JAM (Jan Dhan Yojna, Aadhar, Mobile). It will bring transparency, put curb on illicit business and gradually reduce the impact of black money,” he added