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Abstract
A system allowing individuals to perform banking activities at home, via the internet. Some online banks are traditional banks which also offer online banking, while others are online only and have no physical presence. Online banking through traditional banks enable customers to perform all routine transactions, such account transfers, balance inquiries, bill payments, and stop-payment requests, and some even offer online loan and credit card applications. Banking activities can be classified to as transactional and non-transactional. Demonetization is the act of detaching a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. It also helps to wipe out the black money and black market activities. The rural areas in particular, which do not have formal sources of banking, also deal largely in cash. Demonetization also aims to boost the digital transactions in all area. While formal modes of payments such as debit and credit cards, net-banking and digital wallets should get a boost, this will take a long time to be felt simply because the proliferation of these products is still low among the middle classes and the poor, for whom cash is still the predominant mode of transactions.