The IUP Journal of Bank Management
The Impact of Demonetization on Electronic Fund Transfers

Article Details
Pub. Date :May, 2019
Product Name : The IUP Journal of Bank Management
Product Type : Article
Product Code : IJIT11905
Author Name : Mamta Hindocha and Jayesh K Pandya
Availability : YES
Subject/Domain : Finance
Download Format : PDF Format
No. of Pages : 12

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Abstract

Demonetization has been a remarkable move in the history of the Indian economy. The latest round of demonetization, in 2016, has undoubtedly affected the common public and bankers in the short run as well as the economy at large. The mode of transactions has also been significantly affected. The people at large have shifted from traditional pattern of cash transactions to e-transactions. Considering this, the paper aims to examine the impact of demonetization on electronic fund transfers, which is an important part of digital economy and a significant contributor to the development of the nation. The results reveal that demonetization has a significant positive impact on e-transactions, specifically on RTGS and NEFT, in terms of volume and value of transactions. Mobile banking transactions also increased in volume and value significantly in the post-demonetization period. Thus, it is concluded that demonetization has successfully enhanced e-transactions in Indian economy. The government objective of cashless economy was to a great extent fulfilled.


Description

Demonetization has been a remarkable move in the history of Indian economy. When a particular currency note ceases to be a legal tender, it is termed as demonetization. Legal tender refers to money which can be legally used to make payments of debts or other obligations. In the past, demonetization took place in the years 1946 and 1978. The latest round of demonetization, in 2016, has undoubtedly affected the common public and bankers in the short run as well as the economy at large.


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