5. E - Money Electronic money is money which exists in banking computer systems and is available for transactions through electronic systems. Its value is backed by fiat currency and it can be exchanged into physical form however its uses are often more convenient electronically.
At the end of May 2017, Paytm – India’s largest mobile money company – launched Paytm Payments Bank, having received the last clearance from the Reserve Bank of India (RBI). “We wish to acquire 500 million new customers and launch a slew of financial services products such as deposits, wealth management, insurance, financial lending and many more,”
E- money is therefore not a result of demonetization, but it has taken off following the controversial move by the Indian government to remove Rs500 and Rs1,000 notes from circulation. Prevention of corruption and the spread of black money, choking terror funding, and the creation of a cashless society were the main objectives of the demonetization measure.
E – Money in India THANK YOU
