Telangana to educate people on electronic financial literacy

Hyderabad: In the wake of note ban and Centres push to move towards cashless society, Telangana Government would undertake a campaign to educate people on "electronic financial literacy", Chief Minister K Chandrasekhar Rao today said.

"The time has come for people to have awareness on electronic transactions and there is a need to change the present thinking of people," he said during a meeting with ICICI bank officials.

"The digital transfer of money post-demonetisation has become a necessity for financial transactions," he said.

The ICICI bank officials explained the ongoing digital transaction trend in the country to Rao and expressed their desire to extend the private lenders services to people in the state, a release from Chief Ministers Office said.

Rao said the state would "very soon" implement digital transactions at all levels.

He was happy to note that "Telangana, for the past five days, has been registering the highest number of financial transactions digitally on a daily basis and stood first in the country" on this front, it said.

Observing it would not be possible for people to get into electronic-based banking transactions overnight, he said it would take some more time for them to get a feel of it.

Rao asked IT Minister K T Rama Rao to ensure that people are educated and awareness is created on "electronic financial literacy" through advertisements.

The CM stressed the need to make the state government a partner in the entire process of promoting cashless transactions.

"All employees working in the rural areas, right from village secretaries level, should undergo training," he said.

"In the first phase, all financial transactions done by the Government should be digitalised.

The money received by the Government through registrations department, civil supplies department and other sectors and the payments being made to contractors, and salaries to the employees and other expenditure should be made through e-transfer," Rao said.