Bhopal: Co-operative banks to waive off charges on cashless transactions 

Bhopal: Co-operative banks to waive off charges on cashless transactions 

FPJ BureauUpdated: Thursday, May 30, 2019, 10:51 AM IST
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DDs, cheque books, online transfer of funds to be free of charge

BHOPAL: The cooperatives department of the state is planning an important initiative for promoting cashless economy. With the objective to persuading people to switch to cashless transactions, cooperative banks are gearing up to give many facilities to their customers free of charge.

The state cooperatives department has prepared a proposal in this regard, which will be implemented after approval of the minister Vishwas Sarang. Cooperative banks will make banker’s cheques and demand drafts free of charge. Cheque books with 40 leaves will be provided free to customers.

No fee would be charged for transfer of funds through NEFT and RTGS from bank accounts. Cooperative banks would also launch debit cards, which would be given to their customers for free. Similarly, Rupay KCC card will also be issued for free. Point of sale (POS) machines would be installed in cooperative societies, which would help them make their transactions cashless.

Cooperative societies have been instructed to minimise their banking transactions through cash. Cooperative banks and societies are being computerised.

Presently, nationalised, private and cooperative banks charge fees to provide facilities related with cashless transactions. Madhya Pradesh would become the first state where such facilities will be provided free of cost.

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