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5 years of Demonetisation: How digital payments and lending picked up post note ban
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The demonetisation of the old Rs 1,000 and Rs 500 banknotes from the midnight of November 8, 2016, took everyone by surprise. While people suffered during demonetisation to get cash and exchange the banned notes, it gave a big boost to digital currency.
“Demonetisation led to an acute shortage of cash in the economy which in turn led to an increased acceptance of dealing in digital money. According to the reports released by RBI, total credit card outstanding surged by 39 per cent from September 2016 to September 2017. Access to credit cards was limited to the affluent and the higher middle class of the country. An increase in penetration of low-cost smartphones and the low cost of 4G data further accelerated the Indian population’s access
Read more on financialexpress.comAbout this in other media
Experts divided on how far India's 'private crypto' ban will go cointelegraph.com /3 years ago
India to ban private cryptocurrencies and launch official digital currency theguardian.com /3 years ago
Cryptocurrencies slump on India's digital markets amid plan to ban most of them euronews.com /3 years ago
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