Hurdles Facing the Digital Banking Drive in India
Since the announcement of the banning of India’s two biggest banknotes last November by Indian Prime Minister Narendra Modi, the country has pushed efforts toward digital banking. Yet despite the drive to make this happen, hurdles still face the country to make it a reality. At the news of India’s demonetization, the digital currency bitcoin reached new highs in the country with demand pushing the price of one bitcoin to $881 in November. With a surge of bitcoin adopters in India it appeared that a push toward digital banking was the way forward as more than a billion people faced....
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Sarbananda Sonowal, chief minister at Assam, a northeastern state in India, has launched a digital banking campaign to instill in the local population that digital banking is the way forward, according to a report by The Times of India. Launched on Monday and in partnership with the State Bank of India, it is hoped that the campaign will help to spread awareness across the country to reduce the number of cash transactions. This news comes in light of the recent demonetization in India. Speaking to The Times of India, Sonowal, said: The Assam government is taking all possible measures to....
India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....
Cardano’s price is struggling to clear the $1.200 resistance zone. ADA remains at a risk of more losses below the $1.050 and $1.020 support levels in the near term. ADA is struggling to recover, but it is still well above the $1.000 level against the US dollar. The price is still facing hurdles near $1.200 […]
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Abhishek Bhandari of Asiadigicoin (ADCN) explains how the ongoing demonetization of India helps Bitcoin and other digital currencies. Cointelegraph: Would you say the recent demonetization in India is a step in the right direction? Abhishek Bhandari: Well for centralized currency it is a great step and a temporary solution for a country like India where we are facing a lot of problems like corruption, fake currency, black money, etc. The Indian economy needed such a step to clean and refresh the whole currency mechanism. CT: Is the business community faring well from this initiative? AB:....