January 6, 2017

Govt. working with banks & international companies to ramp up PoS machines; more money to reach rural economy

The government is working with banks and international companies to ramp up point-of-sale (PoS) machines for cash transactions, Union Minister Piyush Goyal said on Tuesday. “We are certainly working with the banks and also with the international companies to see how we can ramp up PoS machines,” the Coal and Power Minister said in New Delhi. He was speaking during ‘Digital Economy Forum 2016’. He further said that personally he felt that six months down the road PoS would gradually become irrelevant and may be two years down the road a new PoS machine would not be even required.

Piyush Goyal also added that smartphone today has become a PoS machine. Replying to a question he said, that “RBI was the one who decided it (demonetisation). RBI was the one who worked on this and I am sure that Prime Minister and Finance Minister would have been the one who would have taken the final decision (on demonetisation).

The minister further said that the government would certainly take steps to ensure that more money is pushed into the rural economy and “into the system faster in the rural areas”. On Tuesday some bankers were saying that the growth in digital transactions is to the tune of 300 per cent in the last two to three weeks.”

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