New Delhi, Jan 12 (KNN) While the entire Government is bantering on moving India to a ‘cash less’ or ‘less cash’ economy, the progress so far is not very encouraging.

Banks have recorded 9.4% month-on-month rise in number of mobile banking transactions with the value growing 20.9% in November.

Mobile banking witnessed a surge from Rs1.13 trillion to Rs1.37 trillion from October to November 2016.

The latest RBI data shows there is only 10% increase in total electronic payments in December, 2016 over November 2016, the two months of demonetisation syndrome.

While the total electronic transaction was 94 lakh crore rupees during November, 2016, it increased to 104 lakh crore during December, 2016.

While the data for October, 2016 is not readily available, the published data for earlier three months of July, August and September also show the figure of electronic payment hovering around 100 lakh crore, with 10% increase or decrease.

So it appears demonetisation could not make much dent in the propensity for cash of Indians and in the larger scale there is no appreciable change in the way people transact.

However, it appears in retail transactions people enhanced used of electronic transfer, may be due to shortage of cash.

RBI data shows use of ‘Card’s for payments varied from 40000 crore rupees in September to 35000 crore rupees in November to about 52000 crore rupees in December. So even against the ‘normal’ figure of 40000 crore the increase in December is about 30%, a commendable achievement.

For the much touted e wallet or m-wallet in RBI term, the growth is from 1300 crore rupees in November to 2100 crore rupees in December, an increase of nearly 50%. (KNN/ DB)