From Cash to Cashless Economy: Catalytic Agent for Financial Inclusion?
Journal Title: MUDRA: Journal of Finance and Accounting - Year 2017, Vol 4, Issue 1
Abstract
The announcement by Prime Minister Narendra Modi on July 1, 2015 towards “making India Digital” was meant to pave Indian economy’s future for larger proposed changes in terms of financial literacy. The drive intended to associate pastoral areas with high-speed internet so as to improve the digital awareness and usage. Thereafter, the catalytic thrust from demonetisation further accelerated migration towards digital payments in November and December 2016. However, ease in availability of cash by gradual remonetisation jolted the pace of growth of digitalisation in February 2017. In this context, the future outlook of Indian economy guarantees fast-track growth that carries preliminary pre-requisite for the people to be financial literate, to begin with. Thus, ‘Digital financial literacy’ shall require more strengthening. This paper spots the rationale and sequencing of the targeted drives to facilitate building on the ‘financial literacy infrastructure’ principally to benchmark future India. The key policy implication of the current study includes the solution to the dilemma and apt targeting of the various programmes for financial stability and sustainability through ‘Digitally Literate Future’.
Authors and Affiliations
Megha Jain, Aishwarya Nagpal
Keywords
Related Articles
- EP ID EP623339
- DOI 10.17492/mudra.v4i01.9778
- Views 257
- Downloads 0
Impact of Macroeconomic Variables on Small, Mid and Large Cap Stocks: A Comparative Study of India Using VAR Approach
The study examines and compares the relationships between Indian stock market indices (BSE Small, Mid and Large Cap) and five macroeconomic variables (Index of Industrial Production, Wholesale Price Index, Money Supply M...
Cause Related Marketing and Customer Value: The Role of Service Quality and Perceived Risk as Mediators
The present research paper is an attempt to understand the role of mediating variables in the relationship of cause related marketing and customer Value. Based on the literature review, the role of service quality and pe...
A Study of Job Satisfaction of Front Line Sales Employees in Insurance Sector of India
The most vital role of Human Resource Management in an organization is the appropriate implementation of human resource development strategies to accelerate its growth and development. Researchers have emphasized on huma...
Financial Soundness and Shareholder Value of Private Banks in India
Financial strength and wealth maximisation are the two main aspects, important for growth and development of an organisation which is highly applicable to the financial sectors. Banks are the major part of financial sect...
Demonetisation and Indian Stock Market
Demonetisation of 500 and 1000 bank notes was announced by PM Modi on 8th Nov 2016. There were number of speculation relating to its effects on general public and different sectors of Indian economy. This paper studies t...