CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal while commenting upon this move said that the concept of digital payment is a welcome step and CAIT is closely working in association with Mastercard in the Country since last more than two years for promotion of digital payments in the Country. If digital payment is to be leveraged, the Govt must absorb transaction charges by subsidising the same to Banks and effective incentive schemes must be announced to promote more & more digital payments in India. RWAs, Trade Associations and other such organisations should be taken in confidence for working in tandem with Government to promote digital payments.
Both Bhartia and Khandelwal said that if such kind of steps will be taken by the Banks, the people will like to open Accounts with Cooperative Banks rather. The Banks are earning huge revenue by lending deposits made by the people and always keep a distance between interest paid and interest charged on deposits. Money lying in current Accounts are also being utilised for lending without giving any interest. Therefore, the Banks should not take extreme steps to discourage people.