When RBI deputy governor S C Murmu recently said that it was difficult to predict the growing demand for currency notes, was he referring to a logistical problem, or bemoaning widespread use of cash? Big tech and fintech have long promoted digital commerce, payment wallets, cryptocurrencies, and other digital traffics and inventions as the acme of convenience, security and financial inclusion. But this isn't necessarily true for everyone. They have exploited tech to drive faster and more frictionless commerce, to capture a considerable share of the market, have made cyber fraud pervasive, and rendered the economy less inclusive.
After demonetisation in 2016, GoI has championed numerous initiatives to digitalise monetary transactions like UPI and central bank digital currency (CBDC). GoI claims these have reduced expenditure, accelerated economic growth and driven greater inclusion. The results, however, don't necessarily support these claims.
