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Credit: Sajith Kumar
Since demonetisation in 2016, digital payments have risen across segments like RTGS, IMPS, card payments, and UPI in terms of volume and value of transactions.
However, RBI data shows that DeMo has probably had the exact opposite effect of what the government claimed it was meant to do – the growth rate of certain digital transactions like card payments, which was supposed to rise rapidly after DeMo, has in fact been falling over the years.