While the debate continues on whether Demonetisation was indeed a success or a failure, what is evidently clear is that it accelerated the need for digital literacy, required to have a revolutionary impact on the financial behaviour of Indians for generations to come.
Post demonetization on November 8, 2016, there was a stupendous increase in digital transactions due to the overall shortage of currency in circulation. The urgent initiatives taken by the Government with the support of RBI came to the aid of the cash-starved population. The launch of Unified Payments Interface (UPI) by the National Payments Corporation of India (NPCI) was a huge boost for the citizens. NPCI launched the Bharat Interface for Money (BHIM) app, providing an additional interface to customers to connect to UPI besides banks’ own apps. In parallel, there was also a large POS deployment drive undertaken by Banks. There has also been a strong awareness drive by the government and the RBI to adopt these digital modes of payment...Read more