India's top bankers have gathered in Pune to discuss a blueprint for reforms in the banking sector, including ways to extend the reach of the banking system.
The number of point-of-sale (POS) terminals has increased to 10.65 lakh across the country by end-March 2014 as compared to 3.2 lakh in 2007, according to Reserve Bank (RBI) data. Point-of-sale terminals are devices used to swipe credit and debit cards for electronic payments.
The merchants or stores pay a fee to the banks for using the point-of-sale machines. Bankers have also sought tax incentives for merchants on transactions done through mobile phones, sources said. This is a part of the bankers' recommendations for setting up short-term and long-term targets to leverage technology for extending the reach of banking system, sources told NDTV.