Task force set up to oversee expansion of POS machines: Arun Jaitley

New Delhi: The government has set up a task force to oversee the expansion of point of sale (POS) machines to facilitate further expansion of the cashless economy in India, Union Finance Minister Arun Jaitley said on Thursday.

"We have emphasised to banks that this is a great business opportunity for them. They have to take it up as a mission. As many as 14 lakh POS machines at the retail level are in operation across the country. This figure has to be expanded," Jaitley said after a video conference with the CEOs of banks to review the latest postion after the November 8 demonetisation.

"A task force has been set up to oversee the expansion of POS machines so that physical currency shrinks and businesses expand," he added.

In the last few years, there has been a huge expansion in e-wallet, debit cards, mobile apps and the change is already taking place, Jaitley added.