The former head of Credit Suisse India and Lehman Brothers India has said that it's time for a digital Indian rupee, which would aid financial inclusion. In an article with The Hindu, Ajeya Singh said that since India's demonetization last November, which saw the Indian government ban two of the country's biggest banknotes, the Rs 500 and the Rs 1,000, digital transactions have increased. These...
Several Asian countries are experiencing a growing effect of the fintech revolution that has swept across economies as innovative solutions pave the way for improving services and changing how financial transactions are undertaken. The news of India’s demonetization last November saw the Indian Prime Minister Narendra Modi ban two of the biggest banknotes, the Rs 500 and Rs 1,000. This news...
The deputy governor of the Reserve Bank of India has said that banks need to go digital in the face of FinTech or they could risk becoming obsolete as the industry continues to grow. According to a report from Bloomberg Quint, SS Mundra said, to an audience at the College of Agricultural Banking, that banks shouldn’t see financial technology companies as a threat, but that the two should work...
To discourage the Indian nation of cash transactions and push the country toward digital payments, high level ministers has suggested a ban on cash transactions and a tax on cash withdrawals above Rs 50,000 (approx $735). On February 1, India’s Union Budget will be heard and it is hoped that the recommendations suggested by the committee led by N Chandrababu Naidu, Chief Minister of Andhra...
A port city and industrial center in the Indian state of Andhra Pradesh, on the Bay of Bengal, is witnessing a major push for it to become India’s FinTech hub. In a report from The Hindu, digital banking, data analytics, blockchain and cybersecurity investments are being launched to make the Indian city of Visakhapatnam an attractive location for businesses. According to J.A. Chowdary, Special...
Since the announcement of the banning of India’s two biggest banknotes last November by Indian Prime Minister Narendra Modi, the country has pushed efforts toward digital banking. Yet despite the drive to make this happen, hurdles still face the country to make it a reality. At the news of India’s demonetization, the digital currency bitcoin reached new highs in the country with demand pushing...
Awareness of bitcoin in India has reached its highest level ever according to Google trend searches as the country still grapples with Prime Minister Modi’s shock tactic of demonetization which has recently exacerbated following a deadline of 30th December 2016 when all old ₹500 ($7) and ₹1,000 ($14) rupee notes must be exchanged. India’s economy, which used to operate at 90% or more on cash, now...
Following the controversial demonetization drive enforced in early November by the Indian government, citizens holding “a large number” of now-outlawed cash notes beyond December 30 could be punished with fines and, according to some reports, even imprisonment. The Union Cabinet of Indian ministers, chaired by Indian prime minister Narendra Modi who led the demonetization effort, convened on...