Note ban will expedite adoption of digital payments: Nilekani

Former UIDAI chairman and Infosys founder Nandan Nilekani, who has been appointed as a member of the panel that will explore measures to boost digital payments in India, says demonetisation will help boost digital transactions.

The adoption of digital payments which could have otherwise taken 3 to 6 years would now take 3-6 months due to the government's currency overhaul process, says Nilekani. “Since this whole cycle of cash replacement will take some time, one attractive option in front of government is to accelerate digital financial services, so more and more transactions are done electronically,” says Nilekani.

Commenting on RBI cutting its growth forecast, Nilekani says with liquidity in the system reducing, people are not buying and selling and so to that extent demonetisation could have a potential impact on growth.Watch video for more.