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Cashless economy (Steps taken (Licensing (payments banks), Encouraging…
Cashless economy
Steps taken
Licensing
payments banks
Encouraging
mobile wallets
FDI liberation in e-commerce
UPI launch
withdrawn surcharge and service charge
digital payments
BHIM App
Discount
Fuel purchase
digital payments
Digital transactions upto Rs. 2000
exemption
service tax
Online booking
railway tickets
accident insurance
demonetisation
Benefits
reduce tax avoidance
Curb black money
Reduce real estate prices
Cash printing = High expenditure
No physical infra
Efficient welfare programmes
DBT
Transactions costs
down
No fake notes problem
Challenges
Internet connection
financial literacy
jan Dhan Accounts
unoperational
vested interests
cash economy
small retailers
can't invest
digital payment infra
consumer mindset
Cash = fastest transactions
cashless transactions = fees
Indian Banks
difficult stance
private digital wallets
Way forward
Operational bank accs
Abolishment
govt fee
credit card transactions
reduction
interchange fee
card transactions
ATM withdrawals
tax rise
Tax rebates
electronic payments
consumers
merchants
Electronic payment infra
safe
secure
Keep an eye
restricive practices
banks
Why in News?
2016 budget speech
finance minister
making India a cashless society
to curb black money
RBI
Payments and settlement systems in India: Vision 2018
to encourage
digital payments
cashless economy
What?
All transactions
digital means
physical currency
minimal