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Move towards Cashless - A Long Way To Go
Jan 12, 2017

SBI has one of the largest share of point of sale transactions in the country. It has the widest reach. And if there is any bank in the country that can make a real difference towards the cashless drive in hinterlands, it is SBI. So, Ms Bhattacharya's comment that there is a long way before Indian economy goes cashless is not unfounded. Data from the SBI EcoWrap has all the proof.

According to SBI, the size of digital transactions (both PoS and mobile) in the country need to go up multi-fold before India can even think of becoming cashless. Most banks are moving in that direction. The urban banks will be able to achieve their targets faster. But for a bank like SBI, which is a true reflection of India's financial inclusion, this will take time.

Data Source: SBI Ecowrap

This Chart Of The Day was published in The 5 Minute WrapUp - The DEMONetary Reform?

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