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 November 8 abolition of 500- and 1,000-rupees notes, or 86% of the currency then in circulation.
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