Chime bank in a big way for cashless transactions
The Rs 1,500 crore Chime Bank, set up in partnership with Reliance Jio, is set to be the first bank in the country to accept cash payments from customers.
Chime Bank will allow people to deposit cash at the bank and withdraw it as they want at their convenience.
The bank will also offer a mobile banking service through which customers can make cash withdrawals at their office, home or mobile number.
The bank will be available in the national capital and across the country.
The Reserve Bank of India (RBI) has said it will also launch a Rs 1 lakh crore scheme to provide banks with digital solutions to facilitate digital payments and facilitate payments for businesses, which is likely to be announced in a week or two.
The government has set up a Rs 100 crore cashless bank scheme in which cash is deposited by bank users for cash payment at bank branches.
The first banks to receive cash payments were the Reserve Bank and the RBI-NCR in the early days of the economy.
Chame Bank is the brainchild of N Chandrasekhar Rao, a former banker, who was appointed by the BJP-ruled government of Prime Minister Narendra Modi in July last year.
The banking system in the state is expected to be operational by March 2019.