Mumbai, 14 May, 2017: Salient points of my speech at conference of co-operative & scheduled banks at Mumbai:

Union Minister of State for Minority Affairs (Independent Charge) & Parliamentary Affairs Shri Mukhtar Abbas Naqvi today said here that “Digital Revolution” in India has been playing a key role in making development process “accessible, inclusive and transparent”.

While speaking at a conference of representatives of various co-operative and scheduled banks at Mumbai, Shri Naqvi said that this “Digital Revolution” has helped in providing benefits of welfare services to the last person of the society without any obstacle. India is one of those few nations of the world where the common man has been linked with the digital system in such a less span of time.

Shri Naqvi said that “Digital India” campaign has connected the common man with the government offices. Services are reaching to the needy through digital/online mediums. Under the campaign, the Modi Government has set a target to connect 2.5 lakh gram panchayats with National Optical Fibre Network.

Shri Naqvi said that Prime Minister Shri Narendra Modi’s Digital India campaign has been converting the country into a “less cash economy”. Digital payment, online and mobile banking system is becoming successful in the country. Digital payment, net and mobile banking is an effective campaign launched by Prime Minister Shri Narendra Modi against corruption and black money.

Shri Naqvi said that “less cash economy” based on digital transaction system, will make daily life of the common man easier. Digital/online transaction campaign is aimed at establishing an economic system which is based on less cash and maximum digital payment. Shri Naqvi appealed to the people, “Na Nakad Naa Udhar, Karen Digital Len Den Aur Karobar” (No cash no credit, let’s do digital transaction and business).

Shri Naqvi said that the taxation system faced a lot of problem due to corruption and black money. But after digital transaction system, taxation system will be strengthened and more and more people will be brought under income tax system. Cashless system will also help farmers, small traders of the country. Shri Naqvi said that the digital payment system will tackle corruption as corrupt practices take place in cash. 
 Shri Naqvi said that those smaller places where banking system is not available, e-payment, mobile banking can be helpful there, benefits of the welfare schemes can be provided directly to account of the people.

Shri Naqvi said that cashless economic system, e-payment, online transaction can be implemented in India also easily. There are about 103 crore mobile phones, 35 crore smartphones, 50 crore internet users, 144 crore bank accounts, 25 crore Jan Dhan accounts, 107 crore people have Adhar cards and there are more than 14 lakh Point of Sale (PoS) machines and there are about 73 crore credit/debit cards are in use.

Shri Naqvi said that small shopkeepers, traders will be able to compete with big companies by adopting digital payment system. Digital, cashless economy will also reduce burden on the banking system. Cashless economy will also help to control crimes.

Shri Naqvi said that scheduled and co-operatives banks have a crucial role to play in strengthening Digital India campaign and making India a digital economy.