Reserve Bank of India Governor D Subbarao said a goal of the regulator and the banking industry was to make the country a less-cash society, and this had to be achieved by encouraging and expanding the electronic payment and settlement system across India. “Though large-volume transactions have been shifted to the electronic mode, the retail payment system continues to be paper-centric and we remain largely a more cash society compared with peer countries like Brazil, Mexico and Russia,” he said here on Friday, during a function at the Institute for Development and Research in Banking Technology..........
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