03 March, 2021

How India Wants Its Money And Why Cashless Transaction Is Far From Reality

With 100 million users in a country of 1,350 million, cashlessness of the digital kind is a long way home

Slow Motion
Jan Dhan queue in Hyderabad
Photograph by PTI
How India Wants Its Money And Why Cashless Transaction Is Far From Reality
outlookindia.com
2019-06-14T18:43:54+05:30

Nilekani’s Way Forward

Some recommendations of the RBI-appointed Nandan Nilekani committee on digital payments:

  • No-KYC wallets with a maximum value of Rs 2,000 and monthly spending capped at Rs 10,000
  • Digital payments by citizens to all ­government and public sector agencies
  • Removal of all charges on digital ­payment transactions
  • Extension of RuPay and BHIM UPI ­overseas to facilitate easy remittance

***

Prime Minister Narendra Modi’s ambitious project—JAM (Jan-Aadhaar-Mobile)—got a shot in arm recently when the five-member panel under Aadhaar architect Nandan Nilekani, formed by the Reserve Bank of India, projected that per capita digital transactions in India are set to inc­rease from 22 in March 2019 to 220 by March 2022. The panel also said that the number of digital trans­action users in the country would rise from 100 million to 300 million over the next three years. The numbers may look...

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