E-currency and digital banking has seen a major change in the past few years. The new generation technology has made it feasible for people to use E-currency. Digital Banks like Google pay, Paytm has emerged as a success in few years of launch. Digitization Of money has become time saving for the busy people.
E-Currency And Digital Banking
E-currency is the new currency for safe payments. In the times of Covid-19 this mode has been life saving by online transactions. This mode of transferring money is a new step towards digital banking. Digitization of money is one of the new mode of transferring money. This mode is safer than the previous modes of hand to hand payment.
Digitization Of Money
Money is the mode by which we purchase or sell things. It is the pillar of the economy of any country. In India money has been a crucial aspect for digitization due to the fraudulent cases witnessed by the country. Since the NDA government has started the new digital India movement. monetary frauds has been put to a stop.
Demonetization A New Start
Monetary funds before the NDA government saw a surge in the frauds. Since India doesn’t make its own currency notes. It was easy for fraudsters to do scams. After the NDA government in 2014 came in the center. They made certain changes by Demonetization the 1000 RS and 500 RS currency notes.
Digital Banking Post Demonetization
In past few years banks saw a swift shift in the monetary funds. All the currency notes of Rs 1000 and Rs 500 were revamped. Banks saw a huge surge of customers coming in for the process of demonetization. The government later saw a lot of decomposed currency notes that were a part of black money.