With data breaches tugging at shaky foundations of the digital economy with unnerving regularity, it did not come as a surprise when the Reserve Bank of India (RBI) on April 5 issued a statement announcing policy measures attempting to fortify the digital financial economy. The build-up to this can arguably be traced back to November 2016 when 86 per cent of the currency in circulation was declared illegal. Demonetisation provided a fillip to digital payments, especially mobile wallets, in a country where access to mobile phones dwarfs access to the formal banking system. The subsequent behavioural nudge by the government in favour of cashless transactions in a growing economy meant it was only a matter of time before RBI would issue guidelines for its safe functioning.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
SUBSCRIBE TO INSIGHTS
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- 26 years of website archives.
- Preferential invites to Business Standard events.