RBI working on plan to reduce online transaction charges: Sources

NEW DELHI: The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking, two parliamentary panel members quoted central bank governor Urjit Patel as saying on Friday.
"We are working on a mechanism to bring down transaction costs," one member of the public accounts committee quoted Patel as saying. "We are speaking to all stakeholders."
Patel met the panel to answer questions about the November 8 abolition of Rs 500 and Rs 1,000 notes, or 86 percent of the currency then in circulation.
Patel is also learnt to have told the parliamentary panel that cash flow in the country will normalise soon.
He told the committee that the situation in urban areas was "almost normal", and efforts were on to improve the cash flow to rural and remote areas in the country.
"It will take a few more weeks for the situation to improve in rural and remote areas," the sources quoted him as saying.