All about Cashless Economy in India.

1. PRESENTED BY:
AKANKSHA SHUKLA
APPALA SWAMI

2.  A Cashless economy is the one where financial transactions are
conducted through transfer of Digital Money between the
transacting parties.
 The circulation of physical currency is minimal.
 Few countries like Sweden, Norway, Denmark, Canada etc. are
among the leading cashless economies.
 India is also witnessing emerging cashless lifestyle specially after
demonetization.

3. ELECTRONIC
CHANNELS
Electronic
wallets
Debit & credit
cards
Immediate
payment
service
National
Electronic
Funds
Transfer
Real Time
Gross
Settlement
POS Machine

4. Curbs the
generation of black
money
Reduces tax
avoidance & money
laundering
Elimination of
counterfeit
currency
Avoids risk
associated
with carrying
cash
Beneficial for business
houses to grow their
customer base
Reduces terrorism,
drug trafficking, human
trafficking etc.
Promotes public welfare programmes,
hassle free transactions with greater
speed & satisfaction to customers.
Financial Inclusion
Minimizes transaction
cost, cost of printing,
distributing and
processing cash.

5. Digital &
financial
Illiteracy
Least
comfortable with
Technology uses
Poverty
Domination of
Unorganized
sector
Too much
dependence on
cash
Inadequate
Infrastructure
Fear of Cyber
crime and
identity theft
Habits and
Attitude of
People

6. Unified Payment
Interface
launched by National
Payments
Corporation of India
(NPCI)
Makes transactions
much simpler and
easier with highly
flexible user interface
NITI Aayog
Committee
headed by NITI Aayog
CEO Amitabh Kant.
To identify various
bottlenecks that are
affecting access to
digital payments

7. OTHER
INITIATIVES
Promotion of e-
commerce by
liberalizing the
FDI norms .
Licensing of
payment banks.
Announcement
of various
incentives.
Waiver of the
duties on the
POS machines.
Demonetisation
drive
Promoting
mobile wallets.
Setting up of
Financial
Literacy
Centers.
Opening
accounts
through Jan-
Dhan Yojna.

8. WHAT ELSE NEED TO BE DONE?
1. Need for mass awareness programme for:
• Technological awareness
• Financial Literacy
• Making people familiar with the benefits of cashless
transactions.
2. Building a secure, seamless payments infrastructure.
3. Developing sound telecom network.
4. Taking steps for universal financial inclusion.
5. Creating significant conditions or favorable environment
for making changes in behavior and attitude of people.

9. “Our dream is that there should be
cashless society. This is correct that
100% cashless society is never possible.
But we can make a start with less-cash
society then cashless society will not be
a far-off destination.”
-PM Narendra Modi

10. 1. Cashless Society. (n.d.). Retrieved from http://www.civilsdaily.com/story/cashless-society/
2. Making India a cashless economy. (2016). Retrieved from
http://www.livemint.com/Opinion/XGbavEnoeP7dZITeh21MRM/Making-India-a-cashless-
economy.html
3. Making Indians shift to cashless transactions. (2017). Retrieved from
http://www.livemint.com/Opinion/HkDJ0D2pJvQls1H4KMGUPN/Making-Indians-shift-to-
cashless-transactions.html
4. Turning India into a ‘Cashless Economy’ – A feasibility report. (2016). Retrieved from
http://byjus.com/free-ias-prep/cashless-economy
5. India is far away from being a cashless economy. Here’s why. (2016). Retrieved from
http://www.hindustantimes.com/analysis/india-is-far-away-from-being-a-cashless-economy-
here-s-why/story-ybFui5M53JPFyD1MGvHigJ.html
6. Jain, M. (2017). Making towards a Cashless Economy: Challenges and Opportunities for
India. INDIAN JOURNAL OF APPLIED RESEARCH,7(1), 722-723.
7. Demonetisation: Impact on the Economy. (2016). 1-17. Retrieved from
http://www.nipfp.org.in/publications/working-papers/1772/
8. Ghosh, J. (2017). Digital dreams. Frontline.