As it gears up to launch its mobile wallet next week, state-owned Dena Bank has favoured tax concessions in the upcoming Budget for customers and merchants using digital modes for payment. Asked about his wishlist for the Budget to be unveiled on February 1, Ashwani Kumar, Chairman and Managing Director, Dena Bank told PTI, “We want more tax concessions for customers and shopkeeperswho go digital. The incentives can come in the form of income tax, service tax.”
He also pitched for tax concessions for banks with regard to NPA provisioning. On the bank's plans for mobile wallet at a time when digital transactions have seen a surge in the aftermath of demonetisation, he said, “Our mobile wallets are going to get live in a week's time. We have a tie up with Jio".
He said that the Bank has already cut lending rates by 0.75 per cent and further lowering of rates will depends on various factors.Post demonetisation, the Government has been pushing for a less-cash economy and promoting digital transactions in a big way. It has also announced a lottery for people who do transactions through digital modes.