Use more net-banking, debit, credit cards

We should use more net-banking, debit/credit cards because a report says that RBI had to spend Rs 2800 Crores in 2009-10 just for printing currency notes! We can save Rs 500 Crores every year if our non-cash transactions increase by 5% annually… It has also got benefits of better accounting and transparency.

I agree with a friend who says that our banks should make the process more user friendly to encourage such usage. Sometime back I was trying to help someone with internet banking of a public sector bank. They sent one-time-password after each 6 minutes, and by the time we would input it, it had already expired! So ask for a new pw which comes in 6 minutes and hence expired. We had to quit it...

Someone pointed out to the extra charges for online transfer, as it is in some cases. I think in such cases the benefit balances out to some extent, but this suggestion was about lesser need to print currency notes and also less wastage of money in "managing" cash, e.g. less staff costs in banks, lesser effort/money wasted in refilling ATM machines, etc...

According to Moody's Analytics study, growth in the use of net-banking, debit and credit cards has added 1.5 billion dollars to India's GDP. New direct-cash-transfer scheme by govt linked to Aadhar cards will also help this trend. And if 10% of MNREGS money can be transferred online without cash, it will mean annual saving of Rs 35 Crores on printing and managing currency notes.