The Demonetization: How it has Accelerated Fintech Industry

sir, Amarjeet; Sharma, Diya; Pal Singh, CFA Kaushalendra

Abstract

The act of removing a monetary unit’s legal tender status is known as demonetization. The Honourable Prime Minister of India, Mr Narendra Modi took the demonetization decision on November 8, 2016, with effect from November 9, 2016. For the time being,’ Rs.500 and Rs.1000’rupee currency notes would not be legal tender except in some critical services.. The increasing the GDP growth rate resulting the higher demand of money and before the demonetization the India GDP growth rate were increasing. So when the demonetization decision was taken by the Indian government the demand of Indian currency was at the peak. Thus demonetization very hardly affects the various sectors of Indian economy and ultimately the GDP declined. At the same time demonetization have given the new life to fintech industry of India and after demonetization it increased rapidly and enjoying the last mover advantage. Demonetization pushed Indian Economy towards the cash less economy. The major goal of this research article is to look into the process of cashless economy and its implications for the financial technology industry.

Keywords: Demonetization, GDP (Gross Domestic Product), Fintech (Financial-Technology) Industry

@article{sirnddemonetization, title = {The Demonetization: How it has Accelerated Fintech Industry}, author = {sir, Amarjeet and Sharma, Diya and Pal Singh, CFA Kaushalendra}, journal = {International Journal of Academic Research \& Development}, volume = {4}, number = {1}, issn = {2395-1737}, publisher= {Bharti Publications}, }

TY - JOUR AU - sir, Amarjeet AU - Sharma, Diya AU - Pal Singh, CFA Kaushalendra TI - The Demonetization: How it has Accelerated Fintech Industry T2 - International Journal of Academic Research & Development VL - 4 IS - 1 SN - 2395-1737 PB - Bharti Publications AB - The act of removing a monetary unit’s legal tender status is known as demonetization. The Honourable Prime Minister of India, Mr Narendra Modi took the demonetization decision on November 8, 2016, with effect from November 9, 2016. For the time being,’ Rs.500 and Rs.1000’rupee currency notes would not be legal tender except in some critical services.. The increasing the GDP growth rate resulting the higher demand of money and before the demonetization the India GDP growth rate were increasing. So when the demonetization decision was taken by the Indian government the demand of Indian currency was at the peak. Thus demonetization very hardly affects the various sectors of Indian economy and ultimately the GDP declined. At the same time demonetization have given the new life to fintech industry of India and after demonetization it increased rapidly and enjoying the last mover advantage. Demonetization pushed Indian Economy towards the cash less economy. The major goal of this research article is to look into the process of cashless economy and its implications for the financial technology industry. ER -

International Journal of Academic Research & Development

The Demonetization: How it has Accelerated Fintech Industry

Abstract

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