HYDERABAD: The much-discussed ‘digital mode of transactions’ in the state appear to be taking a backseat with people gradually being able to get more and more cash in their hands.
Though the state had topped in the country in taking ‘e-payment’ route in tune with Prime Minister Narendra Modi’s ‘digital India’ dream, the cashless transactions in the state are now on the decline with each passing day.
Besides the availability of cash in more number of ATMs, the RBI’s decision to increase the cap on the limit to withdraw money from ATMs per day is also contributing to the gradual drop in cashless transactions, a top official from the finance department told Express.
According to the data obtained from various districts and the state capital by the finance department, after increasing the withdrawal limit from ATMs from Rs 2,000 to Rs 4,500 per day and with the availability of new 500-rupee notes in sufficient numbers, people are back to their usual ways of using cash payments.
“As the withdrawal limit per day has now been increased from Rs 4,500 to Rs 10,000 now, the use of digital payment mode may come down further,” the official said.
The National Payments Corporation of India (NPCI) is also unable to give state-wide figures on digital payment system, sources said. But, the state is continuing its efforts for promoting digital payments. The total number of Point of Sale (PoS) machines in the state has increased to around 52,000 after demonetisation. According to sources, close to 100 villages, including 40 in Siddipet Assembly constituency, are in the process of going in for complete cashless transactions.
According to sources in the finance department, the RTGS, NEFT and PoS transactions using debit/credit cards have increased by 50 per cent to 200 per cent in the state in the last two months. There is also an increase in IMPS, NACH, UPI, USSD, mobile banking and PPI transactions too, the sources said.