Digital payment fast replacing cash as predominantway

ways,” he said here.

The finance minister, after launching the Paytm Payments Bank, also observed that technology has changed the entire dynamics of banking in the country.

“Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies," he said.

Cash being the predominant instrument is gradually changing, he said.

“We all are realising that convenience, security and even proprietary lie in switchover itself,” he said, adding that the conventional mind will find it extremely difficult to accept this, but then the whole mass below itself will change and only isolated cases will find themselves as an exception.