Main Article Content
Abstract
Digitalisation of transactions is the finest way to move in the direction of cashless economy. Such a cashless economy is recognizable by encouraging electronic money mechanism, budding financial infrastructure and disseminating digital transaction practices among public. RBI’s Payment and settlement vision document 2018 gives intentions and course of action towards cashless financial system. India persists to be determined by the utilization of cash; less than 5% of all payments occur electronically never the less the finance minister, in 2016 budget speech, spoke about the plan of making India a cashless culture, with the Endeavour of cutting the gush of black money. The study was conducted in Patna region and data was collected with the help of structured questionnaire and analyzed using simple percentage method. Responses from respondents shows that cashless economy will help in curbing black money, counterfeit’s fake currency, fighting against terrorism, reduce cash related robbery, helps in improving economic growth of our country. Major challenges that can hinder the implementation of the policy are cyber fraud, high illiteracy rate, attitude of the people, lack of transparency and efficiency in digital payment system. The study shows that the introduction of cashless economy in India can be seen as a step in right direction. It helps in growth and development of economy in India.