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An Evaluation of Cashless Transactions During Pre- & Post-Demonetization Era in India

In: Digital and Sustainable Transformations in a Post-COVID World

Author

Listed:
  • Dhanraj Sharma

    (Central University of Punjab)

  • Ruchita Verma

    (Central University of Punjab)

  • Heavendeep Singh

    (Central University of Punjab)

Abstract

On 8 November 2016, Prime Minister Narendra Modi announced “demonetization” to weed out black money from the country. The move, which saw Rs 500 and Rs 1000 denominations’ currency notes being banned, wiped out 86% of India’s currency overnight. The primary purpose of the research paper is to evaluate and compare the cashless transactions during the pre- and post-demonetization periods in India. For this purpose, we used the variables such as NEFT, RTGS, and Mobile Banking transactions in terms of inward and outward transactions in private, public, and all banks in India by using a non-parametric test Wilcoxon Signed Ranks Test. The data are collected from the database of RBI for the study period of June 2012 to March 2021 which is further classified as the Pre-Demonetization era (June 2012 to October 2016) and Post-Demonetization era (November 2016 to March 2021). The study results show a significant positive increase during the post-demonetization period in all classifications of banks for all the selected instruments of cashless transactions. The present study contributes to the existing literature as it attempts to understand the drastic change in the trends of cashless transactions during the post-demonetization era.

Suggested Citation

  • Dhanraj Sharma & Ruchita Verma & Heavendeep Singh, 2023. "An Evaluation of Cashless Transactions During Pre- & Post-Demonetization Era in India," Springer Books, in: Salvador Estrada (ed.), Digital and Sustainable Transformations in a Post-COVID World, chapter 0, pages 211-230, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-16677-8_7
    DOI: 10.1007/978-3-031-16677-8_7
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