Is it really worth to become a cashless economy?

Cashless

In Favor:-

  • Cashless transactions ensures transparency and reduces black money formation.
  • The problems like pick pocketing and robbery will be eliminated.
  • Cashless transactions counter tax evasions.
  • 45% of India’s GDP is influenced by informal economy. Cashless economy forces
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Role of digitization in banking

digitization

What is meant by digitization :-

  • Digitization is the process of converting data into digital format. Digitalization means the adoption of technology. But these two words are being used interchangeably.

Role of digitization in banking :-

  • Banks are
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Is India ready to be a Cashless Economy?

cashless

In Favor :-

  • Long before demonetizing 500 & 1000 rupee notes, Indian government is trying to increase cashless transactions through Direct Benefit Transfer Scheme, Jan Dhan accounts etc.
  • From the moment higher denomination notes are demonetized, cashless transactions have
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