Introduction Traditional Banking to Payment banking is a war on black money and corruption is gaining pace. And good thing, except for elite class of black money hoarders (including politicians and businessmen alike) and a few out date people who do not like change, people are embracing the idea gradually. But there is a saying (which, incidentally is an eternal truth as well),”after every bright morning, follows a dark night.
“On one hand when cashless economy will benefit us in multiple ways, on the other hand cyber financial crimes will increase. It is not that cyber financial crime is not present now. The truth is that India majorly being a cash – based economy, the chances of digital crime were low. With increase in digital transactions, cyber criminals will enter their dream time – their hay day. More and more technologically challenged people will become their victims. Payment banking can lead to two hypotheses of shortage:
(a) Genuine shortage of new currency notes.
(b) A deliberate attempt by government to keep supply of new notes tights for various reasons. If it is deliberate attempt to keep the tight supply of new notes, the reasons may be attributed to either (a) to curb illegal conversion of old currency to new currency by various interests such as black money holders, corrupt bureaucracy, industrialists or politicians or terrorist or naxalites; OR (b) denying disruptive forces to pump counterfeit currency in Indian economy; OR (c) forcing people to go for cashless digital transactions (CDT); OR (d) any partial/full mix of all these three.
Implementing for cashless digital transactions (CDT) is not easy. It has many challenges including and not limited to technology, vested interests, resistance to change, education/ awareness, risk, cost and legal. In these challenges by vested interests and resistance to change are mostly political, whereas others are technical and logistical.
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