IAHRW International Journal of Social Sciences Review

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

“A Cashless India”: Reality or Utopia? Some Insights


Affiliations
1 Department of Economics, Sonamukhi College, Sonamukhi, Bankura, West Bengal, India
     

   Subscribe/Renew Journal


Demonetization move adopted by the Government of India in 2016 though paved the way for a cashless economy and was an attempt to usher in digital transactions, yet, cash still continues to be the most dominant medium of transactions in the country. Flexibility and ease in the use of coins and notes is one of the prime reasons why the country still remains a profusely cash based economy. The countless benefits of digital transactions among others include curbing of black money, making money laundering difficult and bringing in greater lucidity in the accounting system. Despite these, electronic transactions have only been confined to a very small section of the population. Infrastructural constrictions and low literacy rates especially in rural India, digital inequality and illiteracy, high cash dependency ratio, cyber security challenges, intermittent access to net connections are some of the major hurdles that the country faces in embracing a completely digital economy. Along with Government endeavours to move forward to a cashless economy, improvement in infrastructural setup and also a change in the conservative mindset of the people has become the need of the hour in enabling India to become completely cash free.

Keywords

Cashless Economy, Digital, Demonetization, POS, Digital Transactions.
User
Subscription Login to verify subscription
Notifications
Font Size

  • Bhakta, P. (2018, December). Digital transactions on the rise but fall drastically short of 25-billion target. Retrieved from The Economic Times: https://ec onomictimes.indiatimes.com/industry/banking/finance/digital-transactions-on-the-rise-but-falldrastically-short-of-25-billion-target/articleshow/62730513.cms

  • CSO (2016). Elderly in India: Central statistics office. Ministry of Statistics and Programme Implementation (MOSPI), Government of India.

  • Government of India (2018, December). Cashless India. Retrieved from http://cashlessindia.gov.in

  • IAMAI & KANTAR IMRB (2017). Internet in India. Internet and Mobile Association of India.

  • ILO (2016). India Labour Market Update. International Labour Organization.

  • Jain, D. (2015). Why Cashless is the Way to Go? Retrieved February 2020, from https://www.livemint.com/Opinion/Zdlydvk82vxLwU7gOi8L3J/Why-cashless-isthe way-to-go.html

  • Jain, M., & Merwin, R. (2016). ATMs in rural areas are still a far cry. Business Line. RBI (2017). State wise and Region wise Deployment of ATMs. Reserve Bank of India.

  • Khosla, S. (2017, December). India is far away from being a cashless economy. Here's Why". Retrieved from http://www.hindustantimes.com/.

  • Kumar, R. (2018). Pursuit of Indian economy to cashless or less cash society. Asia Pacific Journal of Marketing and Retail Management, 9(1), 1–9.

  • Kumar, R. (2017, December). What are the advantages of cashless transaction? Retrieved from https://www.quora.com/What-are-the-advantages-of-cashlesstransaction.

  • MBA Universe (2018, December). Cashless Economy: Is society ready for transformation? Retrieved from http://www.mbauniverse.com/group-discussion/topic/business-economy/cashless-economy

  • MEITY (2018, December). Digital Payment Division. Retrieved from Ministry of Electronics and Information Technology: http://meity.gov.in/digidhan

  • NEWZOO (2017). Global Mobile Market Report. Retrieved 20 April 2017.

  • Niranjan, J. (2017). A case study of barriers to digital financial inclusion of autorickshaw drivers in Viman Nagar, Pune, Maharashtra. Journal of Political Sciences and Public Affairs, 5, 272.

  • Omar, B., & Ahmad, A.D. (2017). Cashless economy in India: Challenges ahead. Asian Journal of Applied Science and Technology, 1(7), 168-174.

  • RBI (2017-18). Currency Management: Currency to GDP Ratio. Reserve Bank of India.

  • RBI (2019). Furthering Digital Payments-Press Release. Reserve Bank of India.

  • RBI (2020). Processing of e-mandate in Unified Payments Interface (UPI) for Recurring Transactions-Notifications. Reserve Bank of India.

  • RBI (2017). State wise and Region wise Deployment of ATMs. Reserve Bank of India.

  • RBI (2018). State wise and Region wise Deployment of ATMs. Reserve Bank of India.

  • RBI & NPCI (2018). Digital Transactions in India by Various Digital Mode from January 2017 to June-2017. Rajya Sabha Session 243 Unstarred Question No.2961.

  • Rupa, R. (2017). Demonetization: A way to cashless economy. Intercontinental Journal of Finance Research Review, 5(7), 81-88.

  • Sharma, S. (2017). Cashless economy of India: Challenges and prospects. Professional Panorama: An International Journal of Applied Management and Technology, 4(10), 207-213.

  • World Bank (2007). Personal Computers (per 100 people). International Telecommunication Union World Telecommunication Development Report and Database and World Bank Estimate.


Abstract Views: 221

PDF Views: 0




  • “A Cashless India”: Reality or Utopia? Some Insights

Abstract Views: 221  |  PDF Views: 0

Authors

Kuheli Mukhopadhyay
Department of Economics, Sonamukhi College, Sonamukhi, Bankura, West Bengal, India

Abstract


Demonetization move adopted by the Government of India in 2016 though paved the way for a cashless economy and was an attempt to usher in digital transactions, yet, cash still continues to be the most dominant medium of transactions in the country. Flexibility and ease in the use of coins and notes is one of the prime reasons why the country still remains a profusely cash based economy. The countless benefits of digital transactions among others include curbing of black money, making money laundering difficult and bringing in greater lucidity in the accounting system. Despite these, electronic transactions have only been confined to a very small section of the population. Infrastructural constrictions and low literacy rates especially in rural India, digital inequality and illiteracy, high cash dependency ratio, cyber security challenges, intermittent access to net connections are some of the major hurdles that the country faces in embracing a completely digital economy. Along with Government endeavours to move forward to a cashless economy, improvement in infrastructural setup and also a change in the conservative mindset of the people has become the need of the hour in enabling India to become completely cash free.

Keywords


Cashless Economy, Digital, Demonetization, POS, Digital Transactions.

References