BS Banking Annual 2016: Digital is here

Demonetisation will be a boon for digital transactions. Is the banking system ready for this tectonic shift to a less cash-intensive economy?

For Vihaan Arora, a suburban Mumbai resident, not much had changed on November 9, a day after the country learnt that their valuable Rs 500 and Rs 1,000 notes were no longer legal tender. Even though the news did rattle Arora like many others, he realised that he wasn’t going to miss cash much. He started his day by booking a cab for which the payment was made via his mobile wallet, lunch in the office canteen was paid for by swiping his card, and groceries for the week had been ordered online, for which payment was made via Net