Prime Minister Narendra Modi has said that cashless transaction is one of the solutions to the menace of black money. Addressing ICICI Foundation Day function in Mumbai Friday evening, Mr Modi advised banks to go for cashless transactions, which can help the government in rooting out the black money.

Saying that banking sector can become the agent for social transformation, the Prime Minister asked banks to extend their facilities to the unbanked and poor so that these people do not stray towards investing in gold. He asked banks to take up social cause, finance Swachhata or cleanliness entrepreneurs.