India’s Finance Minister Arun Jaitley said this week that banks should embrace the digital age and get into “mission mode.” The country has been in the headlines worldwide for its recent demonetization practices. The Finance Minister believes government needs to continue to discourage the use of physical currency.
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After Demonetization, India’s Finance Minister Encourages Digital Currency Adoption
In the first week of November, India’s Prime Minister Narendra Modi shocked the country by banning large-denomination rupee bills. Now after a meeting with the banking sector, Jaitley said a committee would be created to push currency digitalization. The Finance Minister spoke of “lakh” (100,000) POS machines and would like to see these devices expand nationally.