ARCHIVES
VOL. 3, ISSUE 2 (2021)
Metamorphosing India’s economy from cash economy to cash-less economy
Authors
Gurumurthy M, D Anjaneyulu
Abstract
India is one of the developing countries and had large volume of currency circulation in the country comparing with the other countries like Brazil, China, Kenya, Sweden, South Korea, Thailand etc.,. In the globe a side of many developing and developed countries have been enjoying the benefits by creating highly technological infrastructure in their payment system, but other side India had been following traditional cash less methods like NACH, CTS and NETC etc., due to lack of low levels of initiations from the Governments till 2014. In the year 2015 Digital India Programme was launched by our Prime Minister Shri Narendra Modi with an intention of transforming India into Faceless, Paperless and Cashless. As a part of that, India is also inevitably updated their payment and settlement system from traditional system to new digital payment methods like AEPS, IMPS, UPI, BHIM, Mobile Wallets, and Banking Cards etc., The demonitisation decision inspite of providing various advantages like Curbing the Black money, Transparency and controlling, low cost of currency printing and convenient mode, but also gave considerable growth in digital payments were observed after demonitisation on 8th November 2016. Further Government of India, Reserve Bank of India and NPCI took several initiations and offers financial encouragement to consumers and merchants in order to promote digital transactions. Prime Minister Shri Narendra Modi as stated in the ‘Mann ki Baat’ 100 per cent cash less is not possible, our intention is make less circulation of money in the society. In this article an attempt is made to brief understand the evolution of cashless economy, need to adopt cashless system, present status of important payment indicators, and initiations taken by the Government, Reserve Bank of India and NPCI towards encouraging cashless economy.
Download
Pages:57-59
How to cite this article:
Gurumurthy M, D Anjaneyulu "Metamorphosing India’s economy from cash economy to cash-less economy ". International Journal of Finance and Commerce, Vol 3, Issue 2, 2021, Pages 57-59
Download Author Certificate
Please enter the email address corresponding to this article submission to download your certificate.