Demonetisation: Digital payments, wallets on the rise; but cash is still king

When the Prime Minister announced the banning of Rs 500 and Rs 1000 notes on November 8, 2016, there were bound to be far-reaching consequences. People across the country lined up at bank branches to return the notes with these denominations. Many faced a severe liquidity crunch for a prolonged period. Some even reportedly died standing in queues trying to withdraw the allowed quota of money from ATMs. Among the outcomes envisaged by the government with the demonetisation move were reducing or eliminating the quantum of black (unaccounted) money in the country and making it a less-cash and digital-payments-driven […]

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