Maharashtra govt working on `Maha wallet' for cashless transactions: report

The Maharashtra government is working on a 'Maha wallet' to facilitate cashless transactions, in order to ease the pressure on the masses caused by the sudden demonetisation of high-value currencies.

"I have told the information technology department to prepare a report in this regard and submit it to me in a fortnight," news agency PTI quoted state finance minister Sudhir Mungantiwar as saying.

"Maha wallet will be a secure e-service where the citizens' money would be secure. We are working on a system where needs of each of the 11.97 crore population of the state are being considered," the minister was quoted as saying.

`Maha wallet' will be designed keeping in mind the needs of the people and also considering the fact that not many people are well versed in net banking or own a smartphone or feature phone while some are not even using a mobile, besides the technological challenges.

"We want to ensure that the system is modelled to help small vendors, farmers and all those who deal in cash transactions," he said.

Maha wallet proposal would also highlight the amount to be deposited in the wallet by users, besides connecting the wallet with bank accounts and debit or credit cards.

"Efforts are on to make a less cash society since being cashless is difficult. We want to create a system where citizens will be required to carry less cash with them," Mungantiwar said.

He said that after the proposal is received, the matter will be taken up with chief minister Devendra Fadnavis for further action.

Fadnavis, who is member of the committee appointed by the Centre on promotion of cashless society, had pointed out during a recent meeting with the panel members that needs of farmers, labourers from unorganised sector and small vendors should be considered first.