Effect of Demonetization on India's Financial Sector

DOI

10.2991/icesed-19.2020.19How to use a DOI?

Keywords

Demonetization, Financial, India, Mobile Payment

Abstract

This paper explores the effect of demonetization on India’s financial sector. By collecting and analyzing data in this field in the past three years from RBI, this paper concluded that demonetization increased the total value and volume of financial transactions in India while eliminating counterfeit banknotes worthy of 4 billion rupees and stopping them into circulation, increasing the volume and value of debit and credit cards on the POS and encouraging mobile payments. However, this policy did not provide the bottom class of India with more financing channels to reduce their financing costs, nor did it achieve the government’s initial goals about anti-counterfeiting and anti-black money.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yujie Wang
PY  - 2020/01
DA  - 2020/01
TI  - Effect of Demonetization on India's Financial Sector
BT  - Proceedings of the 2019 International Conference on Education Science and Economic Development (ICESED 2019)
PB  - Atlantis Press
SP  - 308
EP  - 311
SN  - 2352-5428
UR  - https://doi.org/10.2991/icesed-19.2020.19
DO  - 10.2991/icesed-19.2020.19
ID  - Wang2020/01
ER  -