Tuesday, Dec 06, 2022
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How India Wants Its Money And Why Cashless Transaction Is Far From Reality

How India Wants Its Money And Why Cashless Transaction Is Far From Reality

With 100 million users in a country of 1,350 million, cashlessness of the digital kind is a long way home

Slow Motion Photograph by PTI

Nilekani’s Way Forward

Some recommendations of the RBI-appointed Nandan Nilekani committee on digital payments:

  • No-KYC wallets with a maximum value of Rs 2,000 and monthly spending capped at Rs 10,000
  • Digital payments by citizens to all ­government and public sector agencies
  • Removal of all charges on digital ­payment transactions
  • Extension of RuPay and BHIM UPI ­overseas to facilitate easy remittance

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