MUMBAI: Prime Minister Narendra Modi joined the Reserve Bank of India Governor Raghuram Rajan in calling upon banks to convince people to channel their savings away from gold into financial instruments as this would not only lead to economic betterment, but also social transformation.“This is a golden opportunity (for banks),' said the prime minister at the 60-year celebrations of the ICICI Group, which also showcased a so-called digital village where everyone has a bank account. "The challenge for the banking sector is to convince the people that a bank is as safe and as reliable as they perceive about gold." Banks in India should compete on which one would top in promoting cashless transactions as this would improve productivity, said Modi.The government and RBI are working to take banking to millions who do not have access to the system. The Modi government has launched a Jan Dhan scheme which aims to provide all citizens with bank accounts. The lack of access to banks and high inflation led to people buying gold which created macroeconomic problems in 2013.In response, RBI governor Rajan has made positive real interest rates, i.e., yield higher than inflation rate, the cornerstone of his monetary policy-making.If Indian banks succeed in making cashless payments gain currency, then probably Indian economic growth rate could be even higher than China’s, said Finance Minister Arun Jaitley, who also spoke at the event."Days would not be far when we can match China’s growth rate," said Jaitley. "The days ahead are going to be extremely exciting."Jaitley also sent a signal to businessmen that the government is determined to pursue economic reforms . “We will pursue this road map persistently and doggedly," said Jaitley. The government will ensure that there is never a “contrarian indication”.Jaitley’s assertion is a signal to both businesses and the opposition parties, which stalled the Rajya Sabha in the winter session, forcing the government to promulgate many ordinances. The minister also said that the government faces a “great challenge” in making investment happen. Prime Minister Modi did not miss an opportunity to highlight his Swachh Bharat campaign by asking bankers why they could not promote ‘clean entrepreneurs.’Modi said that waste management is big business in the western world and that even in India, banks should think of promoting entrepreneurs in the area of solid waste management.