Five years post demonetisation, was PM Modi’s ‘masterstroke’ to curb the menace of black money a success?
Even after five years of demonetisation that aimed to promote digital economy, Indians still love to deal in cash
Customers now expect banks to maximize digital interactions and come up with digital alternatives for their day-to-day banking needs as they are now more open to trying out a new app than they were before the COVID-19 pandemic.
Given the fact that Coronavirus can sustain on various surfaces for several hours, bank notes going through rapid change of hands during a day could turn out to be a serious health hazard. The risk could be even more pronounced on the coins in circulation.
Two mobile apps were also launched to enable real-time recharge of any FASTag through UPI and linking them with customer's bank account.
"The situation will stabilise once demand normalises... Supply of currency will also reduce. So it is function of demand and supply."
The shortage of currency has spread to states like Maharashtra, Bihar and Gujarat, despite the currency in circulation crossing the pre-demonetisation level.
The so-called "bail-in" clause in the draft bill has been commented upon by experts as bringing potential harm to deposits, in the form of savings accounts.
Scary Bail-in clause in FRDI Bill cleared by the Union Cabinet in June 2017 allows banks to finance themselves using depositors money.
The bank offers a saving account with zero opening charges, unlike most of the other bank accounts.
Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by Alibaba-backed One97 Communications.
After the note-ban last November, the Narendra Modi government has pushed banks into deploying millions of points-of-sale (PoS) machines to encourage online payments. Since then, banks have more than doubled their PoS terminals.
RailYatri, a web-based firm that provides various rail and bus based solutions, conducted the study among 50,000 travellers across 25 cities and consulted around 800 travel agents.
'Any person purchasing liquor from any shop should be made obligatory to make payment through digital mode'
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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