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
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