The Telangana government will shortly come out with e-wallet for cashless transactions across the state, Chief Minister K. Chandrasekhar Rao said on Monday.
He told reporters here that the Information Technology Department is preparing the mobile app which will be known as TS Wallet to facilitate digital transactions.
Appealing to people to go for banking transactions, the Chief Minister said the state will have to sail with the tide, and the government will encourage all procurements and sales through banking transactions.
He announced that Siddipet assembly constituency in Siddipet district will be developed as a model constituency for cashless transactions. “Transactions only up to Rs 500 can be in cash and over a period of time we will do away with this for hundred percent cashless transactions. This model will then be replicated,” he said.
Briefing newsmen about the decisions taken at the cabinet meeting, KCR announced that all high value transactions in some departments like registration and excise will be through net banking. Payments in agriculture market yards, fair price shops and milk supply will be through banks.
He said a committee comprising five bureaucrats had been formed to work out modalities for preparing a policy towards cashless e-payment system.
Stating that Telangana has only 5,200 bank branches, he said they were not sufficient. He called for one bank for every three to four villages and for increasing the number of ATMs across the state.
KCR said the number of swiping machines also had to be increased drastically for cashless transactions. He pointed out that the country has only 14.5 lakh Point of Sale (PoS) machines, he said for a cashless society the country need 10 crore machines. Telangana currently has less than one lakh PoS machines.
Meanwhile, the Union Human Resource Development Ministry has issued a circular to educational institutions, including the IITs, to receive payments in digital mode.The circular follows the central government’s demonetisation initiative.
