25 February, 2020
2 Min Read
Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.
Prelims and Mains focus: about the RBI study and its key findings
News: A Reserve Bank of India (RBI) study on the progress of digitisation from cash to electronic was recently released.
Key findings of the study
Cash is still dominant
Overall, digital payments in the country have witnessed a compounded growth of 61 per cent and 19 per cent in terms of volume and value, respectively, over the past 5 years, demonstrating a steep shift towards digital payments. Within the digital payments, retail electronic payments comprising credit transfers (RTGS, NEFT, IMPS and UPI) and direct debits (ECS and NACH) showed rapid growth at 65 per cent and 42 per cent in terms of volume and value, respectively. Stored value cash issued in the form of wallets and prepaid cards showed an increased adoption, with a growth of 96 per cent and 78 per cent in terms of volume and value, respectively.
Source: Indian Express
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