Villages in rural India are getting ready to usher in financial transactions on a real-time basis, reports the Hindustan Times. Public sector lender Central Bank of India, in a joint venture with Tata Consultancy Services (TCS), will soon rollout hand-held devices capable of transferring data instantly. At present, the transactions take a minimum six-eight hours in the rural areas, leaving room for error and misuse. The new system will help reduce such fraudulent methods.
Aiming to target around 1,800 villages by March end, Vijayalakshmi R Iyer, executive director of Central Bank of India is quoted in the report as saying,
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