Latest Business News - Post demonetisation, cash-based transactions worth Rs 25,000 crore have moved to the digital mode, says a survey.
The Economic Research Department of State Bank of India carried out the survey from December 30, 2016 to January 3, 2017 so as to understand the nuances of demonetisation. It showed that 15 per cent of transactions moved to electronic payments such as m-wallets and Point of Sale machines.
"This means that Rs 25,000 crore of cash based transactions have moved to digital in the last two months. If this is so, this is a good beginning," SBI Research said in its Ecowrap report.
This number could have been even higher because the behavioural shift has not happened yet and many merchants still prefer cash transactions when the amount is not large, the survey said, adding that a number of merchants are facing connectivity issue at POS machines.
It further noted that around 69 per cent of the respondents affirmed that their businesses were impacted and the overall decline in business is less than 50 per cent for the majority of the businesses that were impacted.(Read More)
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