Prime Minister Narendra Modi on Monday said the government has initiated a series of banking reforms, including recapitalisation of PSU banks, change in rules for hiring top management and paperless transactions to curb the black money menace.
“The banking sector is seeing changes. Mobile banking is coming up. Banking will be premises-less and paperless,” he said at the launch of IDFC Bank in Delhi.
Mr. Modi further said India is slowly moving towards a situation where the currency printing cost will come down.
“We have to take the country in that direction. As we use technology, we move to paperless banking, currency-less business operations; the possibility of black money will gradually become negligible,” he said.