Friday, March 24, 2017

The race to make India a cashless economy

Against the backdrop of the demonetization exercise that shook up the Indian economy last November, there’s a major tussle brewing in the consumer banking space in India. Vying for the chance to handle citizens’ money are two major sets of players – the traditional banks, and a new age of “Payments banks” – organizations that have received licenses to run partial banks, where they can accept deposits, offer services like debit cards and remittances, but not provide loans (at least not yet). It’s a battle between the old and the new that we’ve rarely seen the likes of elsewhere in…

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