C Times, 18 July 2017, Agartala
Prime Minister Narendra Modi on November 8 last year has announced the decision of demonetization, the country was left discombobulated. Long concatenation in later days again rubbed salt on the wounds of the people. But the Centre gave a strong reason that demonetization has been done to take India towards cash economy.
But long months later, this would surprise many that the transactions through debit and credit cards rose by meagre seven percent against the overall rise twenty-three per cent in digital transactions, the top Centre official informed a parliamentary panel.
Different Central Ministries made a presentation before Parliamentary Standing Committee on Finance of Demonetisation and Transformation towards Digital Economy.
The digital transactions in all modes increased by 23% to 27.3 million in May 2017 from 22.4 million in November 2016.
A system which allows multiple bank accounts into a single mobile application for seamless fund transfer and merchant payments. Transactions through Immediate Payment Service (IMPS) which is an electronic fund transfer service have almost doubled to 2.2 million from 1.2 million during the period under purview, data shared by officials published.