The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking, RBI governor Urjit Patel as saying on Friday.

"We are working on a mechanism to bring down transaction costs",one of the member quoted Patel as saying."We are speaking to all stakeholder".

From other sources also revealed that Patel said cash flow in the country would normalise soon.

Patel told the Public Accounts Committee that the situation in urban areas was "almost normal", and efforts were on to improve the cash flow to rural and remote areas in the country. It will take a few more weeks for the situation to improve in rural and remote areas.