Indian central bank working on plan to reduce online charges: sources
The Reserve Bank of India (RBI) Governor Urjit Patel smiles while attending a seminar during the Vibrant Gujarat investor summit in Gandhinagar, India, January 11, 2017. REUTERS/Amit Dave
NEW DELHI (Reuters) - The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking, two parliamentary panel members quoted central bank governor Urjit Patel as saying on Friday.
"We are working on a mechanism to bring down transaction costs," one member of the public accounts committee quoted Patel as saying. "We are speaking to all stakeholders."
Patel met the panel to answer questions about the Nov. 8 abolition of 500- and 1,000-rupees notes, or 86 percent of the currency then in circulation.
(Reporting by Nigam Prusty; Writing by Tommy Wilkes; Editing by Rajesh Kumar Singh)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- EU court adviser backs data privacy activist Schrems in Meta fight
- Private equity owner of Sauer Brands explores sale of condiments maker, sources say
- Yellen says economy performing well, inflation will ebb
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!