A Study of Cashless Economy in India- Present Scenario and their Challenges
Manohar S. Wankhade1, Swapnil N. Dhole2, Pawan D. Somavanshi2,
1Principal, Siddharth Library and Information Science College,
Padegaon, Chh. Sambhajinagar,MH, India.
1Research Scholar, Dr. Babasaheb Ambedkar Marathwada University,
Chh. Sambhajinagar, MH, India.
Abstract
A Cashless society describes an economic state, Where financial transactions are not conducted with Money in the form of physical bank notes or coins, but rather thought the transferof digital information between the transaction parties. The banking sector is in a transitional mode towards a vibrant global market & sophisticated information teleology. Due to this changing present scenario, banks are paying more attention to expanding their activities from just lending and borrowing to other ends like, insurance merchant banking, leasing electronic banking etc. The United kingdom, Sweden, Australia, Nether lands, and the Us also have high rates of consumer payments (80% and over) made via non-cash mode. Believe is the most cash less economy in the world followed by France, canda, UK, Sweden, Germany, USA, South Korea. The Swedish bank is an example of the the richness technology. The information technology is being used in Swedish bank. Now India has moved its steps towards cashless Economic. In India it is know as vimudri Karan or Nagadirahitarthavyawasthaa in Hindi. Modi Government Announced 8 Nov 2016- A New trend of transition came into existence; known as modern cash less Economic. In the points for digital transations per million people significantly low for India. By Year 2020, nearly $ 500 billion worth of transitions in India will happen digitally, using on line wallets and other digital payment system, 10 times the present level. In India cash based consumer payments to fall to 40% to 45% by 2025. Biometric security system is available with the cashless digital transaction option. All cashless transaction are visible/trance able for government. It is easy for government to monitor income tax & it will strengthen the nation’s economy. Digital economy will help in increased access to use this digital facility Meaningful transition will depend on a number of things such as awareness, technology development & government intervention.
Key Words: Meaning & Definition of cashless economy, current Scenario, current position of cash less in India.
