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Demonetisation to push digital economy, says Nilekani

Press Trust of India  |  New Delhi 

would see a massive activation of digitisation of financial services in the country, although there will be some amount of "short term pain" in the coming weeks, former Chairman said today.

The ex-CEO of said while the infrastructure has been laid down in the last seven years, the drive will accelerate the roll out of financial services in supported by Aadhaar, UPI, USSD and micro ATMs.



"... What would have taken another 3-6 years to get rolled out, I now believe because of the urgency of the matter, will happen in 3-6 months," Nilekani told NDTV.

He added that one would see "massive activation" of digitisation in Indian economy.

"There will definitely be some amount of short term pain in the coming weeks. But you will see this acceleration is going to benefit everybody," he said.

Nilekani cited the example of feature phone owners, who can transact using USSD channel and said this will bring "everybody into the system".

"The more important thing is when the economy becomes formal, when everybody's financial transactions are digitised ...is going to go from data poor to data rich and that will make it more and more difficult for people to do dishonest things or to be outside the system. You will reduce the amount of black money in the system," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Demonetisation to push digital economy, says Nilekani

Demonetisation would see a massive activation of digitisation of financial services in the country, although there will be some amount of "short term pain" in the coming weeks, former UIDAI Chairman Nandan Nilekani said today. The ex-CEO of Infosys said while the infrastructure has been laid down in the last seven years, the demonetisation drive will accelerate the roll out of digital financial services in India supported by Aadhaar, UPI, USSD and micro ATMs. "... What would have taken another 3-6 years to get rolled out, I now believe because of the urgency of the matter, will happen in 3-6 months," Nilekani told NDTV. He added that one would see "massive activation" of digitisation in Indian economy. "There will definitely be some amount of short term pain in the coming weeks. But you will see this acceleration is going to benefit everybody," he said. Nilekani cited the example of feature phone owners, who can transact using USSD channel and said this will bring "everybody into ... would see a massive activation of digitisation of financial services in the country, although there will be some amount of "short term pain" in the coming weeks, former Chairman said today.

The ex-CEO of said while the infrastructure has been laid down in the last seven years, the drive will accelerate the roll out of financial services in supported by Aadhaar, UPI, USSD and micro ATMs.

"... What would have taken another 3-6 years to get rolled out, I now believe because of the urgency of the matter, will happen in 3-6 months," Nilekani told NDTV.

He added that one would see "massive activation" of digitisation in Indian economy.

"There will definitely be some amount of short term pain in the coming weeks. But you will see this acceleration is going to benefit everybody," he said.

Nilekani cited the example of feature phone owners, who can transact using USSD channel and said this will bring "everybody into the system".

"The more important thing is when the economy becomes formal, when everybody's financial transactions are digitised ...is going to go from data poor to data rich and that will make it more and more difficult for people to do dishonest things or to be outside the system. You will reduce the amount of black money in the system," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Demonetisation to push digital economy, says Nilekani

would see a massive activation of digitisation of financial services in the country, although there will be some amount of "short term pain" in the coming weeks, former Chairman said today.

The ex-CEO of said while the infrastructure has been laid down in the last seven years, the drive will accelerate the roll out of financial services in supported by Aadhaar, UPI, USSD and micro ATMs.

"... What would have taken another 3-6 years to get rolled out, I now believe because of the urgency of the matter, will happen in 3-6 months," Nilekani told NDTV.

He added that one would see "massive activation" of digitisation in Indian economy.

"There will definitely be some amount of short term pain in the coming weeks. But you will see this acceleration is going to benefit everybody," he said.

Nilekani cited the example of feature phone owners, who can transact using USSD channel and said this will bring "everybody into the system".

"The more important thing is when the economy becomes formal, when everybody's financial transactions are digitised ...is going to go from data poor to data rich and that will make it more and more difficult for people to do dishonest things or to be outside the system. You will reduce the amount of black money in the system," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22