Finance ministry advises banks to popularise e-payments to reduce usage of cheques, bank drafts.
Enclosed link is a news item that appeared in “The Economic Times” among others on Thursday the 5th of April.
It is about the advice of the Finance ministry to the Banks, where the idea is to bring down the list of bounced cheques which alone amount to 30 lakh court cases in the various courts in India, and to counter fake drafts.
The Fin Min has also assured that the e-payments (where are referring to EFT/NEFTS between diffrent Banks) would be safe and would attract the same or even higher terms of penalty as in the case of bounced cheques.
We think that there is a significant benefit with the NEFTs; they not only help reducing the scope of fraud, they also help track the transactions and are also much more faster there by helping the consumers realise their money much faster.
While this is something good and is a start; we think that the Internet based payments should also be brought under this ambit.
An NEFT is completely controlled from the BANK but many a times the third party payment gateways which are hosted on the websites of the BANK to effect payments are not reliable and hence do not yield successful transactions. As a result of this, many a consumers are suffering for lack of a reliable mechanism to pay their dues, bills on time without which they are being listed as defaulters.
Howwever this is a start. It also supports consumerism in a sense that whenever a monetary transaction is to be done between two parties, the party receiving the money is the consumer or customer to the party who are obliged to make the payment.
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