Indian Journal of Economics and Development

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Evaluation of Cashless Economy Concept in Indian Scenario


Affiliations
1 Department of Commerce, Jamia Nadwiyya Arts & Science College, Edavanna, Malappuram, Kerala-676541, India
2 Department of Commerce, Pondicherry University, Pondicherry-605014, India
 

Background/Objectives: India as a developing nation, in the journey towards the economic prosperity the concept of Cashless Economy will have an eminent role. The present study aims to evaluate the status of Cashless Economy concept in Indian scenario.

Methods/Statistical analysis: Analyzing different electronic settlement indicators/ utilities for the period of six years from 2012 to 2018 which are compiled from the different annual reports of Reserve Bank of India (RBI). The data set covers both the pre and post three years periods of cashless economy concept of India and availed up to 2018. Total Electronic Settlement, Total Paper Clearing, Total Retail Payments, National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Total Card Payments and Total Debit Cards are considered as the indicators of electronic settlements and Cashless economy tools.

Findings: The study found that the Cashless Economy concept of India is a success by positive improved results in the usage and performance of various electronic settlement utilities in pre and post periods of Cashless Economy. By results of decreased value operation of total paper clearing and the positive progress of all other e-payment indicators like Total Retail Payments, National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Total Card Payments and Total Debit Cards can conclude the Economic Development program is a success. It also found that different electronic settlements utilities were withdrawn from the market with an effect of launching kind varieties of different up-to-dated customer friendly utilities. The study also enlarge its view to Indian economy will have a positive impact of cashless policy in its growth.

Improvements/Applications: There is no such a comparison study happened the analysis of status of electronic settlements system of India after launching of Digital India program. This pre and post period comparison analysis of E-settlements make its own existence from rest and it is the latest study on the field.


Keywords

Cashless Economy, E-Payment Utilities, Indian Economy, Digital India, Economic Development.
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  • M.P.A. Shendge, M.B.G. Shelar, A.P.S.S. Kapase. Impact and importance of cashless transaction in India. International Journal of Current Trends in Engineering & Research (IJCTER). 2017; 3(4), 22-28.

  • S. Patil. Impact of plastic money on banking trends in India. International Journal of Management Research and Business Strategy. 2014; 3(1), 34-51.

  • P. Garg, M. Panchal. Study on introduction of cashless economy in India 2016: benefits & challenges. IOSR Journal of Business and Management. 2017; 19(4), 116-120.

  • P.B. Metri, D. Jindappa. Impact of cashless economy on common man in India. Imperial Journal of Interdisciplinary Research. 2017; 3(3), 1-3.

  • Annual Reports of Reserve Bank of India. https://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1239. Date accessed: 29/08/2018.


Abstract Views: 307

PDF Views: 200




  • Evaluation of Cashless Economy Concept in Indian Scenario

Abstract Views: 307  |  PDF Views: 200

Authors

P. Shamshadali
Department of Commerce, Jamia Nadwiyya Arts & Science College, Edavanna, Malappuram, Kerala-676541, India
C. P. Fidha
Department of Commerce, Pondicherry University, Pondicherry-605014, India
C. Syamjith
Department of Commerce, Jamia Nadwiyya Arts & Science College, Edavanna, Malappuram, Kerala-676541, India

Abstract


Background/Objectives: India as a developing nation, in the journey towards the economic prosperity the concept of Cashless Economy will have an eminent role. The present study aims to evaluate the status of Cashless Economy concept in Indian scenario.

Methods/Statistical analysis: Analyzing different electronic settlement indicators/ utilities for the period of six years from 2012 to 2018 which are compiled from the different annual reports of Reserve Bank of India (RBI). The data set covers both the pre and post three years periods of cashless economy concept of India and availed up to 2018. Total Electronic Settlement, Total Paper Clearing, Total Retail Payments, National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Total Card Payments and Total Debit Cards are considered as the indicators of electronic settlements and Cashless economy tools.

Findings: The study found that the Cashless Economy concept of India is a success by positive improved results in the usage and performance of various electronic settlement utilities in pre and post periods of Cashless Economy. By results of decreased value operation of total paper clearing and the positive progress of all other e-payment indicators like Total Retail Payments, National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payment Interface (UPI), Total Card Payments and Total Debit Cards can conclude the Economic Development program is a success. It also found that different electronic settlements utilities were withdrawn from the market with an effect of launching kind varieties of different up-to-dated customer friendly utilities. The study also enlarge its view to Indian economy will have a positive impact of cashless policy in its growth.

Improvements/Applications: There is no such a comparison study happened the analysis of status of electronic settlements system of India after launching of Digital India program. This pre and post period comparison analysis of E-settlements make its own existence from rest and it is the latest study on the field.


Keywords


Cashless Economy, E-Payment Utilities, Indian Economy, Digital India, Economic Development.

References