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5 years of Demonetisation: How digital payments and lending picked up post note ban
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The demonetisation of the old Rs 1,000 and Rs 500 banknotes from the midnight of November 8, 2016, took everyone by surprise. While people suffered during demonetisation to get cash and exchange the banned notes, it gave a big boost to digital currency.
“Demonetisation led to an acute shortage of cash in the economy which in turn led to an increased acceptance of dealing in digital money. According to the reports released by RBI, total credit card outstanding surged by 39 per cent from September
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