Digital transactions earned dividends for the nation: Joshi

Union Minister for Parliamentary Affairs, Coal and Mines Prahlad Joshi  has said that with more people adapting digital transactions, a saving of ₹1.75 lakh crore had been possible and the menace of middlemen had also been checked.

Flagging off the mobile banking services of KCC Bank in Dharwad on Saturday, Mr. Joshi said that digital transactions had benefitted all including farmers and traders in the country. “When Prime Minister Narendra Modi announced the introduction of digital economy, the opposition opposed it. Now, through the digital economy, the farmers and also beneficiaries of social welfare schemes are getting the amount directly credited to their bank accounts. The middlemen have shut their shops and people have reposed trust in the digital transactions,” he said.

Referring to data, Mr. Joshi said that the country had performed over ₹20 lakh crore digital transactions, which was 60% more than the digital transaction of China. He said that with the introduction of Jan Dhan accounts, 45 crore zero balance new bank accounts were opened and in these zero balance accounts, there were deposits to the tune of ₹1.65 lakh crore in the last seven years.

Mr. Joshi said that in the Dharwad district, nearly ₹1,400 crore had been remitted directly to the farmers. Quoting former Prime Minister Rajiv Gandhi on corruption, he said that digital transaction had now checked pilferage and corruption.

Elaborating on the moves to strengthen the cooperative sector, he said that the plan was increase the number of cooperative banks from 60,000 to 3 lakhs. To facilitate the same, funds to co-operative societies had been increased from ₹23,000 crore to ₹73,000 crore, he said, adding that with more focus on digital banking, the economy will prosper and the country would progress.

District In-charge Minister Halappa Achar said that the century old KCC Bank had survived the bad times because of the efforts of the committed staff and was now on the path of progress. Referring to the bank’s proposal to start new branches, he emphasised the need for maintaining transparency in recruitment.

District Manager of NABARD Mayur Kamble briefed about the financial schemes of the bank. President of KCC Bank Mallikarjun Horakeri presided over the programme. MLA Arvind Bellad, S.Y. Patil, directors of the bank, co-operation department officials, bank CEO K. Muniyappa, Shivanand Hugar and others took part in the event.