Hassle-free op: Government digitizes financial transaction in 14 districts
| Friday | 11th January, 2019
“We would also be able to save the handling fees given to banks for every transaction,” he explained.The software is expected to be launched in the remaining districts by January 21.
It takes at least 10 days to clear the bills and complete the transactions.
At present, the district processes more than 6,000 bills a month worth more than ?100 crore.Till now, sponsor banks were involved to make the transactions.
From now on, the transactions would be dealt directly by the Reserve Bank.
But, with automation, they could just submit the bills online and the transaction would be completed within a day,” regional joint director of treasuries and accounts department D Selvasekar said.This way, transparency and speed could be ensured and human error could be eliminated, the official added.
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