“Lot of inconvenience, increase in digital transactions which mannered for over 2 months, standing in long queues and facing lot of inconvenience, Fighting with Bank officials and Tellers, Showing resentment through articles and comments”.
– Do these have had effects on Squeezing Cash? No Cash is back with a vengeance.
Coming to know that nothing of these is convincing the public, the Government has changed its dictum to LESS CASH and thus, has now made every effort to popularize digital method of money transfer and pacify the masses to go for less cash. The previous four months has seen the Government trying with every ways and means like – arranging various events like DIGI DHAN MELA including Apps like BHIM, Unstructured Supplementary Service Data (USSD), Bharat QR through a TV dedicated for the purpose to educate people on cashless transactions.
This was followed by Wallet Companies like PayTM and Free Charge bringing out full page advertisement praising the Prime Minister, for the GREAT move. However nothing seems to have worked out in Government’s favour. The RBI data add that Cashless transactions have come down to the tune of 21.3 per cent during February when compared to December last year ie., from 104 lakh crore to 92.6 lakh crore during the said period. Pushing more cash in to ATMs reduced the digital transactions.
Though 12 million merchants are claimed to have joined the four major wallet companies, the transactions show a reduction in the figure – from 2100 crore in January to 1870 in February this year. However, there are opinions that the reduction is due to – lesser number of days in February and also around 4000 crore related to money transfers. The ultimate claim from the stalwarts is that the demonetization has brought an increase in the sectors’ growth to the extent of 60-70 per cent which was 30-60 percent before.
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