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Fair Price Shop Owners Take Flak from the Banks for Discouraging Digital Payments
April 14, 2017
The banks in India have run into a strange problem as over 6 lakh fair price shop owners who are doubling up as banking correspondents are encouraging the buyers to withdraw money from them to pay for their purchases instead of promoting digital payments.
The key to the problem lies in the fact that the ration shop owners have to pay a small merchant fee for every digital transaction. On the other hand, when a buyer withdraws money from them they get a commission. Thus, to nurture their vested interests, more and more shop owners are encouraging cash withdrawals over digital payments. However, the finance ministry doesn’t feel that it’s a serious issue and believes that the lenders are trying to find unnecessary flaws in the system.
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