For banks, the cost of handling cash is higher as compared to electronic modes as it requires more manpower, more transaction time, more expensive to maintain security and segregating reissuable notes to maintain good quality notes in circulation requires additional resources. Keeping these issues in perspective, Reserve Bank in its Payment Systems in India Vision 2012–15 document has envisaged a less-cash society.
Successful accomplishment of the objective is possible by concerted efforts of all the stakeholders and creation of a modern well-networked payment system. 34. A multi-pronged approach is required to reduce cash usage in the society and requires active support from the banking system.