India’s cashless bank is coming online in a few weeks, and the government is looking to make it a reality for all Indians.
The government has set up an online banking platform called “Cashless India”, where anyone can start an account in under two minutes.
The platform has been set up by the government to facilitate the use of cash for payment at banks, which can then be deposited into the account to make payments.
The cashless banking platform will allow people to withdraw cash from ATMs and ATMs can be used to make transactions at banks and ATM’s.
In the meantime, there are already thousands of cashless banks around India.
Some of them are run by private banks, some by the National Payments Corporation of India (NPCI), and some by nationalised banks.
The first of the new cashless branches is expected to open in December and will be located in New Delhi.
The project is funded by the Prime Minister Narendra Modi government and the NPCI.
The bank is expected be able to provide services to the public in the capital, and its aim is to serve the “most vulnerable”, according to a statement from the government.
It is expected that about 50 million transactions will be processed in the cashless financial system over the next two years.
The service is being implemented through the “New India Bank” initiative launched by the Modi government in the months following the demonetisation drive in November last year.
A number of cash-free banks have already opened up in other cities and towns across India, and they will be expanded in the coming months.
Cashless bank has become a buzzword in India The government launched “New Delhi Cashless Bank” to provide cashless services to residents in the city, and it will be open in two phases.
The “Cash-less” initiative aims to serve “most marginalized sections” of the population and to give them a means to use cash for transactions, the statement said.
The plan is to establish more cashless facilities in other parts of the country.
“The objective of the initiative is to enable the people to use their savings in a manner that is more convenient for them and that is easier for the banks to process,” said Manish Sharma, Managing Director, New Delhi Cash-less Bank.
“It is also an attempt to help the people reduce their reliance on cash for the payment of basic bills and to empower them to do so at any time.”
A cashless branch has also been established in New York City to help people make transactions through ATMs.