Why the Unbanked Are Not Yet Ready for Digital Payment Platforms

摘要

Let's face it. India is a predomi-nantly cash-based economy. Before the Prime Minister's Jan Dhan Yojana was launched, less than 15% of the population was connected to the mainstream economy through bank accounts. And because people have been tuned to transact in cash to avoid going through the hassles of a banking transaction, and with massive tax evasion at all stages of commercial transactions, putting a stop to the practice all of a sudden was always going to be a Herculean task for any government. Therefore, Prime Minister Modi has taken a very bold decision through the currency note ban of Rs 500 and Rs 1000 notes, the ramifications of which could never have been properly anticipated by anyone in the seat of power.