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NPCI admits cash is back, says effort on to drive digital payments

Govt aimed at 25 bn digital transactions for FY18, achieved only a billion a month in first quarter

Alnoor Peermohamed  |  Bengaluru 

The National Payments Corporation of India (NPCI), the designated agency to drive digital payments, has admitted that cash had returned from the low point it had touched after demonetisation. At the same time, digital transactions had failed to meet targeted 6 billion in the June quarter.  Prime Minister Narendra Modi had announced the demonetisation of old Rs 500 and Rs 1,000 notes onNovember 8 last year, sucking out about Rs 15.4 trillion from the economy. There had been a spike in digital transactions in the months immediately following the note ban. “It is true that ...

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