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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 during demonetisation the volume (of
