Impact of Cashless Society on Banking Sector

Abstract

In 21era, banks in India are moving from conventional to convenience banking approach. The topmost agenda in banks is digitization. Going cashless has many positive aspects, but at the same time, it has been confronted with several challenges. The use of plastic money in an economy is addressed to a cashless economy. The circulation of physical currency is minimal. India uses too much cash for transactions. Cashless societies are free from the curse of corruption, have a considerably less amount of black money in circulation. It also paves the way for employment opportunities, high living standards, and equal growth in the economy. The present paper aims to study the impact of focuses on the term “cashless society” in the sense of a move towards and implications of a society where cash is not the only medium of exchange rather uses digital mode.