Turning India into a Cashless Economy
During the past two decades, India has hard-pressed to become less–cash society. In 1990, the Reserve Bank of India led the development of technological infrastructure that assisted the creation of a payment and settlement ecosystem. Then, in 2007, the Parliament of India has passed the Payment and Settlement Systems Act, after which RBI came up with the vision documents for 2009-12, 2012-15 and 2015-18 in order to promote wider acceptance of electronic payments in the economy. The Government of India has encouraged this shift towards cash-less society with its initiative for digitalization through JAM Trinity: Jan-Dhan Yojana, Aadhaar, and mobile connectivity. The Government and the Central Bank i.e. RBI are making many efforts to minimize the use of cash by encouraging the digital payment devices which includes prepaid cards, smart cards etc. RBI’s work to promote these new varieties of settlement and payment facilities aims to achieve the goal of a ‘cash less’ society. Here, the t...