Transition from Paper to Plastic: Trends and Issues of Plastic Money in India
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 3
Abstract
The historic night of November 8, 2016 sent shock waves through the country, when Prime Minister Narendra Modi demonitised two biggest denominations of currency- 500 and 1000. The shock slowly subsided leaving people in a dilemma regarding the still unknown trend of using alternative means to cash. Bank cards, ebanking, mobile wallets, RTGS, NEFT etc. gained popularity overnight. The demonitisation exercise gave people the push they needed to opt these alternate modes and realize the government’s ambitious dream of ‘Digital India’. The easiest and comparatively most popular alternative out of the spectrum of options provided to usplastic money- has not been able to edge over paper notes. The government and banks have been promoting various benefits attached to using plastic money along with incentives like cash back schemes and other discount offers. Still, the common man is averse to transition. This paper is an attempt to understand the reasons for the slow and unwelcomed transition towards the use of plastic money in India, even when the benefits are clearly visible. The study attempts to objectively analyse the benefits and risks attached to plastic money and suggests certain steps to overcome the fear of this relatively new and alien medium of exchange.
Authors and Affiliations
Mahima Rana
Keywords
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- EP ID EP409959
- DOI 10.9790/487X-2003062934.
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