Home World Business Digital transactions shoot up 23 times post demonetisation to 6.4 mn

Digital transactions shoot up 23 times post demonetisation to 6.4 mn

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Transactions have increased from 3.6 crore to 6.7 crore during the same period, Niti Aayog said

increased by about 23 times in March to nearly 6.4 million, with the total value of Rs 2,425 crore, from last November when took effect.



After scrapping of Rs 500 and Rs 1,000 notes on November 8, 2016, the government had launched two schemes to incentivise digital payments — Lucky Grahak Yojana and DigiDhan Vyapar Yojana on December 25.


The statement also said Immediate Payment Service (IMPS) have also increased from 3.6 crore to 6.7 crore during the same period.


In order to achieve the target of 2,500 crore in the current financial year, the Prime Minister today announced about 75 townships spread all over India as ‘less-cash townships’, it said.


According to the statement, a less-cash township is one where the deployment of payment acceptance infrastructure is complete, all the families in the township are covered under training programmes.


“Townships with more than 80 per cent of the total number of being done through digital modes of payments during the review period are included in this list,” it pointed out.


Noting that the townships were selected on the basis of third-party assessment by Price Waterhouse Coopers (PWC), the statement said that “these townships are likely to generate over 1.5 lakh every day thereby leading to about 5.5 crore in a year”.

Digital transactions shoot up 23 times post demonetisation to 6.4 mn

Transactions have increased from 3.6 crore to 6.7 crore during the same period, Niti Aayog said

Transactions have increased from 3.6 crore to 6.7 crore during the same period, Niti Aayog said

increased by about 23 times in March to nearly 6.4 million, with the total value of Rs 2,425 crore, from last November when took effect.



After scrapping of Rs 500 and Rs 1,000 notes on November 8, 2016, the government had launched two schemes to incentivise digital payments — Lucky Grahak Yojana and DigiDhan Vyapar Yojana on December 25.


The statement also said Immediate Payment Service (IMPS) have also increased from 3.6 crore to 6.7 crore during the same period.


In order to achieve the target of 2,500 crore in the current financial year, the Prime Minister today announced about 75 townships spread all over India as ‘less-cash townships’, it said.


According to the statement, a less-cash township is one where the deployment of payment acceptance infrastructure is complete, all the families in the township are covered under training programmes.


“Townships with more than 80 per cent of the total number of being done through digital modes of payments during the review period are included in this list,” it pointed out.


Noting that the townships were selected on the basis of third-party assessment by Price Waterhouse Coopers (PWC), the statement said that “these townships are likely to generate over 1.5 lakh every day thereby leading to about 5.5 crore in a year”.

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Press Trust of India

Business Standard

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