Modi calls for move towards cashless society | Reuters

MUMBAI Indian Prime Minister Narendra Modi on Sunday urged the nation's small traders and daily wage earners to embrace digital payment channels, as a cash crunch following the government's surprise ban on high-value bank notes drags on.Modi, speaking in his monthly address on national radio, said the government understands that millions have been affected by the ban on 500-rupee and 1000-rupees notes, but defended the action.The government says the bank-note ban announced on Nov. 8 is aimed at cracking down on corruption, people with unaccounted wealth, and counterfeiting of notes. 'I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world,' Modi said speaking in Hindi, urging them to use mobile banking applications and credit-card swipe machines

Reuters November 27, 2016 14:11:44 IST
Modi calls for move towards cashless society
| Reuters

Modi calls for move towards cashless society
 Reuters

MUMBAI Indian Prime Minister Narendra Modi on Sunday urged the nation's small traders and daily wage earners to embrace digital payment channels, as a cash crunch following the government's surprise ban on high-value bank notes drags on.Modi, speaking in his monthly address on national radio, said the government understands that millions have been affected by the ban on 500-rupee and 1000-rupees notes, but defended the action.The government says the bank-note ban announced on Nov. 8 is aimed at cracking down on corruption, people with unaccounted wealth, and counterfeiting of notes. "I want to tell my small merchant brothers and sisters, this is the chance for you to enter the digital world," Modi said speaking in Hindi, urging them to use mobile banking applications and credit-card swipe machines.

"It's correct that a 100 percent cashless society is not possible. But why don't we make a beginning for a less-cash society in India?," Modi said. "We can gradually move from a less-cash society to a cashless society."

More than 90 percent of consumer purchases in India are transacted in cash, Credit Suisse estimates. While a smartphone boom and falling mobile data prices have led to a surge in digital payments in recent years, the base still remains low.Modi urged technology-savvy young people to spare some time teaching others how to use digital payment platforms.

(Reporting by Devidutta Tripathy; Editing by Jacqueline Wong)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Market Roundup: Sensex ends 69 points higher, Nifty at 17,380; today's top gainers and losers
Business

Market Roundup: Sensex ends 69 points higher, Nifty at 17,380; today's top gainers and losers

The top gainers of BSE Sensex were IndusInd Bank, HCL Technologies, Kotak Bank, Bajaj Auto, and Tech Mahindra. While HDFC, Nestle India, Hindustan Unilever, and Tata Steel were the top losers

'Same old, same old': A look at how world media reacted to Taliban's all-male cabinet
World

'Same old, same old': A look at how world media reacted to Taliban's all-male cabinet

Most newspapers and websites highlighted the fact that women were left out of the interim government and many of the acting ministers were on US and UN sanction lists

Grazing, gorging or skipping: Which eating pattern is better for weight loss?
Health

Grazing, gorging or skipping: Which eating pattern is better for weight loss?

While snacking between meals was long seen as a way to stave off hunger, some early studies showed that eating more meals a day was linked with lower bodyweight