Arun Jaitley, Finance Minister of Corporate Affairs in the Cabinet of India, has said that banks should start to promote digital banking in ‘mission mode’ to limit the use of physical currency. It is hoped that by doing so cashless transactions will increase in the country, reports The Times of India.
Only recently the Indian Prime Minister Narendra Modi announced the banning of two of the country’s biggest fiat banknotes in the country. The move, according to Modi, was to tackle corruption, black money, and terrorism. It is also believed that the withdrawal of the Rs 500 and Rs 1,000 notes was to push the Indian economy toward digital transactions.
Not only that, but an alleged report on the banning of gold in India could increase its attention to bitcoin.
When referring to the demonetization turmoil, Jaitley said that people are changing as far as their habits are concerned.
Some of the banks have already had a lot of success, contrary to the argument which is made within the political system that