Can India become a cashless economy?

India is moving towards a cashless economy which is in sync with the vision of the Government. There have been billions of transactions on Unified Payment Interface (UPI) and the volume of transactions have crossed way beyond hundred billion dollars. In the month of August 2021, there have been 3.55 billion transactions in UPI. Just in August 2021, the value of money transacted was Rs 6.39 trillion. You can read about the Cashless Economy in India – Definition, Types and Advantages for UPSC Economy in the given link.

UPI was launched in 2016 by National Payments Corporation of India (NPCI) and RBI regulates the interface. 

Further readings:

  1. Topic-Wise GS 3 Questions for UPSC Mains
  2. Bharat Interface for Money (BHIM): Notes for the UPSC Exam

Related Links

Payments Council of India (PCI) – Overview, Functions & Background

UPI (Unified Payment Interface) – An Overview

Demonetisation Essay – Concepts, Merits, Demerits & Effects Of Demonetisation in India

UPSC Mains General Studies Paper-III Strategy, Syllabus & Structure

Black Money [UPSC Notes for Indian Economy]

Difference Between NEFT and RTGS

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