Educated estimates say, 95% of retail dealings continue to be in cash and only 5% of transactions are conducted digitally through various modes
Cash is an expensive cost to India’s economy. A recent report concluded that India spends about Rs21,000 crore annually in currency operation costs. This includes printing, storing and transporting the cash, as well as the expenses incurred by banks in setting up and maintaining ATMs. Then there are concerns over counterfeit currencies and theft.