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India adds over a million card swipe machines post note ban

Author: IANS/Thursday, May 25, 2017/Categories: Banking & Financial Services

India adds over a million card swipe machines post note ban

New Delhi (IANS) - Post the November 8 demonetisation measure, 12.54 lakh Point of Sale (PoS) terminals have been added during the fourth quarter of the last fiscal ended March to facilitate more digital transactions, the government has said.

"A major drive was undertaken between December 2016 and March 2017, resulting in an increase in the number of Point of Sale terminals by an additional 12.54 lakh, up from 15.19 lakh as on 30.11.2016," the Department of Financial Services said while listing its achievements in the area of financial inclusion on the third anniversary of the NDA government.
 
"Further, to improve such infrastructure in villages, 2.04 lakh PoS terminals have been sanctioned from the Financial Inclusion Fund by NABARD (National Bank For Agriculture And Rural Development)," it added. The Finance Ministry statement said the accounts deposit base under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme for financial inclusion has expanded during this period.
 
As on April 5, the deposit balance in PMJDY accounts was Rs 63,971 crore in 28.23 crore accounts. The average deposit per account has more than doubled from Rs 1,064 in March 2015 to Rs 2,235 in March 2017, the ministry said.
 

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S Vijaykrishnan
S Vijaykrishnan

IANS

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