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Demonetisation: Small industrial units ready with cheques, but wary workers want cash

About 450 million low-income workers in the informal sector are likely to be unprepared for the move to a cashless economy

Abhishek Waghmare 

On the northeastern edge of India’s financial capital, with seven days to his pay day, sheet-metal worker Mahadev Vanjari, 50, declared that the cashless economy was not for him. This is the conversation that followed. Vanjari: No, this is (cashless transactions) not possible. Even cheque transactions are difficult, let alone cashless transactions. Paytm, and other things, I will not understand. IndiaSpend: But why exactly? Vanjari: Because I cannot understand that.   IndiaSpend: The Reserve Bank of India and other banks are now introducing new ...

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Demonetisation: Small industrial units ready with cheques, but wary workers want cash

About 450 million low-income workers in the informal sector are likely to be unprepared for the move to a cashless economy

About 450 million low-income workers in the informal sector are likely to be unprepared for the move to a cashless economy On the northeastern edge of India’s financial capital, with seven days to his pay day, sheet-metal worker Mahadev Vanjari, 50, declared that the cashless economy was not for him. This is the conversation that followed. Vanjari: No, this is (cashless transactions) not possible. Even cheque transactions are difficult, let alone cashless transactions. Paytm, and other things, I will not understand. IndiaSpend: But why exactly? Vanjari: Because I cannot understand that.   IndiaSpend: The Reserve Bank of India and other banks are now introducing new ... image
Business Standard
177 22

Demonetisation: Small industrial units ready with cheques, but wary workers want cash

About 450 million low-income workers in the informal sector are likely to be unprepared for the move to a cashless economy

On the northeastern edge of India’s financial capital, with seven days to his pay day, sheet-metal worker Mahadev Vanjari, 50, declared that the cashless economy was not for him. This is the conversation that followed. Vanjari: No, this is (cashless transactions) not possible. Even cheque transactions are difficult, let alone cashless transactions. Paytm, and other things, I will not understand. IndiaSpend: But why exactly? Vanjari: Because I cannot understand that.   IndiaSpend: The Reserve Bank of India and other banks are now introducing new ...

image
Business Standard
177 22