India has still a long way to go with more than 85 per cent payment transactions in the country still taking place in cash.
Govt is working on bringing in the revised version of the scheme UDAY 2 which seeks to address power sector issues he added.
As per various estimates, the RBI has over Rs 9 lakh crore of surplus capital with it.
The nomination of Atanu Chakraborty is effective from July 29 and until further orders, RBI said.
The sovereign bond issuance was basically intended to ease the pressure on the domestic availability of resources.
Garg was in charge of the Department of Economic Affairs (DEA), and was designated the Finance Secretary.
Garg, who used ‘@SecretaryDEA’ handle to tweet, said this was his “last tweet from this handle”.
Subhash Chandra Garg, the senior-most bureaucrat in the Finance Ministry, was in charge of the Department of Economic Affairs.
However, he added that there could be funding problems for some NBFCs, which is being addressed by the government.
Finance Minister Nirmala Sitharaman hiked import duty on gold and other precious metals in Budget to 12.5 pc from 10 pc.