Lok Sabha Question No. 652 (UNSTARRED), answered on 2017-07-19
Subject: Cashless Economy
Ministry: ELECTRONICS AND INFORMATION TECHNOLOGY
Asked by: ANANT KUMAR DATTATREYA HEGDE

## GOVERNMENT OF INDIA MINISTRY OF ELECTRONICS AND INFORMATION TECHNOLOGY

## LOK  SABHA UNSTARRED QUESTION NO. 652

TO BE ANSWERED ON: 19.07.2017

## CASHLESS ECONOMY

## 652 .       SHRI ANANTKUMAR HEGDE:

Will the Minister of ELECTRONICS & INFORMATION TECHNOLOGY be pleased to state: -

- (a) whether the expansion of digital economy has taken place after the promotion of cashless economy in the country;
- (b)        if so, the assessment of the said expansion till date in year 2017 in comparison with the last year;
- (c) whether it is a fact that a commission is charged on cash transactions under the digital economy; and
- (d)       if so, the percentage collected now on various mediums of transaction?

## ANSWER

## MINISTER OF STATE FOR ELECTRONICS AND INFORMATION TECHNOLOGY (SHRI P.P. CHAUDHARY)

- (a) and (b): The total number of digital payment transactions over the period October, 2016 to May,  2017  is  at  Annexure  I.  The  data  indicates  that  there  has  been  an  increase  in  digital payments transactions during the said period.
- (c) and (d): As per Reserve Bank of India (RBI) circular No. RBI/2014-15/72 dated 1 st July 2014,  scheduled  commercial  banks  have  freedom  to  levy  charges  for  various  services.  An illustrative list of charges levied by some of the public sector banks on handling of cash is at Annexure-II.

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|   # | Month      |   Total Digital Payment Transactions (In Crores) |
|-----|------------|--------------------------------------------------|
|   1 | Oct 2016   |                                            71.27 |
|   2 | Nov 2016   |                                            83.48 |
|   3 | Dec 2016   |                                           123.46 |
|   4 | Jan 2017   |                                           114.96 |
|   5 | Feb 2017   |                                           101.18 |
|   6 | Mar 2017   |                                           119.07 |
|   7 | April 2017 |                                           118.01 |
|   8 | May 2017   |                                           111.45 |

Source: RBI and NPCI

Annexure I

## Annexure-II

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| Bank                      | Charges on deposit and handling of cash in Savings Bank Accounts at bank branch (as on 7.7.2017)                                                                                                                                                                                                                                        |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Allahabad Bank            | No charges                                                                                                                                                                                                                                                                                                                              |
| Andhra Bank               | No charges                                                                                                                                                                                                                                                                                                                              |
| Bank of Baroda            | Home branch: No charges Non-home branch: For cash deposit of up to Rs. 30,000 per day per account, there is no charge. Thereafter, charge Rs.2.50 per thousand or part thereof, for amount in excess of Rs. 30,000                                                                                                                      |
| Bank of India             | No charges                                                                                                                                                                                                                                                                                                                              |
| Bank of Maharashtra       | / No charges                                                                                                                                                                                                                                                                                                                            |
| Canara Bank               | Free up to Rs. 50,000. Thereafter, a charge of Re. 1 per Rs. 1000, subject to a minimum of Rs. 50 and a maximum of Rs. 2,500/- per transaction                                                                                                                                                                                          |
| Central Bank of Indla     | No charges                                                                                                                                                                                                                                                                                                                              |
| Corporation Bank          | No charges                                                                                                                                                                                                                                                                                                                              |
| Dena Bank                 | No charges                                                                                                                                                                                                                                                                                                                              |
| IDBI Bank                 | In metro/urban locations, no charge up to 5 transactions per month. In semi- urban locations, no charge up to 7 transactions per month. In rural locations, no charge up to 10 transactlons. Thereafter, a charge of Rs. 2.50 per Rs.1000 subject to a minimum of Rs. 25 and a maximum of Rs. 10,000 per month. Home branch: No charges |
| Indian Bank               | Non-home branch: No charge for cash deposit of up to Rs. 50000 per day per account. Thereafter, charge of Re. 1 per thousand or part thereof subject to a minimum of Rs. 25 for amount in excess of Rs.50,000.                                                                                                                          |
| Indian Overseas Bank      | No charges                                                                                                                                                                                                                                                                                                                              |
| Oriental Bank of Commerce | No cash deposit charges. No charge for cash handling on depositing up to Rs. 1 lakh per day, and above Rs 1 lakh per day, a charge of 10 paisa per piece (currency note).                                                                                                                                                               |
| Punjab &Sind Bank         | No charges                                                                                                                                                                                                                                                                                                                              |
| Punjab National Bank      | No charges at.the home branch                                                                                                                                                                                                                                                                                                           |
| Punjab National Bank      | For cash deposit at all branches within the same clearing centre and city (other than at the home branch) there are no charges up to Rs. 25,000 per day. Above Rs. 25000, charge of Re. 1 per Rs. 1000 or part thereof, with a minimum of Rs. 25 per transaction.                                                                       |
| Punjab National Bank      | For Cash Deposit at outstation non-home branches (other than in the same clearing centre/city), there are no charges up to Rs. 25,000 per day. Above Rs. 25,000, charge of Rs. 2 per Rs. 1000 or part thereof with a minimum of Rs. 25 per transaction                                                                                  |
| State Bank of India       | Upto 3 transactions, no charges in branch, Rs. 50 per deposit thereafter. No charges on transactions using Cash Deposit Machine (CDM).                                                                                                                                                                                                  |
| Syndicate Bank            | No charges                                                                                                                                                                                                                                                                                                                              |
| UCO Bank                  | No charges                                                                                                                                                                                                                                                                                                                              |
| Unlon Bank of India       | No charges at the home branch. Above Rs. 50,000 per day at non-home branch, a charge of Re. 1/- per thousand, subject to a minimum of Rs. 10 and a maximum Rs. 11,500                                                                                                                                                                   |
| United Bank of India      | | No charges                                                                                                                                                                                                                                                                                                                       |
| Vijaya Bank               | No charges                                                                                                                                                                                                                                                                                                                              |