RBI today informed a parliamentary panel that it is working on a mechanism to bring down transaction cost on online payments post demonetisation even as cash flow position in urban as well as rural areas have improved significantly.
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RBI Governor Urjit Patel along with Deputy Governor R Gandhi and other senior functionaries appeared before Parliament's Public Accounts Committee (PAC) for oral evidence on 'Review of Monetary Policy'. Members asked a host of questions from the RBI Governor, who has been given 15 days time to respond to the queries.
Sources said members were told by RBI that a mechanism was being discussed with stakeholders, including banks and payment gateways, to bring down the cost of transactions in tandem with the government's initiative to promote digital payments. It is learned that Patel said cash flow position has largely improved in the country.
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