Grahakjago (S.K.Virmani)©

Transacting through Digital Payment System The Indian government recently had initiated the demonetisation drive in November 2016 withdrawing currency of Rs. 500/- and Rs. 1,000/- from the market. The demonetization drive resulted into pushing the citizens to carry out banking transactions through Internet or plastic cards. Such technologically driven banking transactions also make banking transactions susceptible to financial frauds.   As the banking sector moves deeper into the digital era where banks provide 24x7 technologically advanced products, the consumers need to exercise greater caution to avoid digital and net banking fraud. It is up to individual customers to ensure the safety and security of their payment systems and enjoy the ease and convenience of digital banking. The normal mode of cashless transactions is through internet banking, cash cards, wallets, debit cards, credit cards etc.   While you enjoy such 24x7 newly-acquired convenience, ...

Is the Digital Payment System a more burden on tax payers money? As per information available under RTI as published in public domains, the following is the cost of printing of Indian Currency:  Denomination (Rs.) Cost of Printing (Rs.) 5/- 0.48  10/- 0.96  20/- 1.50  50/- 1.81  100/- 1.79  500/- 3.09  2,000/- 3.54  Govt. of India currently in power is promoting use of digital payment discouraging cash payments. Besides other advantages, one of the advantage has been presented as saving on the cost of printing the currencies. Is it really a saving or there is some hidden agenda to ensure business for preferred payment gateways. However, the Govt. of India is not taking any step towards transaction fee being charged from the consumers towards making payment through digital modes. As an example if you are getting petrol from...