The government has asked banks to add one million additional point of sale or card swipe machines by the end of the current financial year. The directive is part of the government's plan to expand digital payments and facilitate the move towards cashless transactions, the finance ministry said in a media statement.
Banks have already placed orders for 6 lakh PoS machines, while another 4 lakh are likely to be ordered in the next few days, the statement added.
Currently, the country has approximately 15 lakh PoS terminals across different merchants for card-based payments.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
