View of EXTENT OF DIGITALIZATION IN INDIA-POST DEMONETIZATION (WITH SPECIAL REFERENCE TO SCHEMES LAUNCHED BY NATIONAL PAYMENTS CORPORATION OF INDIA)

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Vol.03, Issue 09, Conference (IC-RASEM) Special Issue 01, September 2018 Available Online: www.ajeee.co.in/index.php/AJEEE

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EXTENT OF DIGITALIZATION IN INDIA-POST DEMONETIZATION

(WITH SPECIAL REFERENCE TO SCHEMES LAUNCHED BY NATIONAL PAYMENTS CORPORATION OF INDIA)

Vidya Telang¹, Shailshri Sharma² , Akhilesh Dubey³

1Assistant Professor Prestige Institute of Management and Research (PIMR), Indore.

E-mail: vidya_telang@pimrindore.ac.in

E-mail: shailshri_sharma@pimrindore.ac.in

E-mail: akhilesh_dubey@pimrindore.ac.in

Abstract - In the modern world of today ‘Digitalization’ is the key to development. Though the entire world is in a grip of digitalization fever its speed, usage and spread across the world is uneven. However the fact remains that the road to development lies in digitalization. Demonetization can be considered as one of the major economic events and reason for the increased pace of digitalization of the economy. National Payment Corporation of India and its various digital payment products are also acting as an accelerator in the process. People of India are also showing a positive bend towards ushering in this technological digital metamorphosis for making monetary payments.The present exploratory data based study has been undertaken to know the growth and spread of digitalization of banking sector in India with particular reference to the post demonetization period.

Keywords: Digitalization, Demonetization, NPCI schemes, average monthly growth rate, compound monthly growth rate

1 INTRODUCTION

In the modern world of today

‘Digitalization’ is the key to development.

It can be defined as use of computer, internet and use of technology for routine life by mankind. It means less human interface and lesser dependency on human beings for getting the work done.

The daily life jobs like booking a road, rail or air ticket for travel including local travel, making and receiving money transfers, online purchase of goods including food, data transfers and data management, retrieving any kind of information, communication across the world etc. can be achieved today at the touch of a finger. Though the entire world is in a grip of digitalization fever its speed, usage and spread across the world is uneven. However the fact remains that the road to development lies in digitalization.

1.1 Impact of Demonetization

On November 8^th, 2016 Demonetization was announced in the country. The country underwent a huge uproar for and against the sudden and unexpected move by the government. The main objective of Demonetization was to curb black money and corruption with a sub-objective of moving towards cash-less economy or more appropriately a less cash economy.

Though the achievement of this goal in a short span was not possible in an illiteracy driven country however a step towards it has already been taken. One of the hidden advantages of demonetization is that the government and the people both have started moving forward towards digitalization of the economy.

Demonetization has been able to give a push to the economy to transit from a cash economy to a digital economy.

During the past few months since demonetization, the pace of digitalization has also gone up. People are gradually becoming aware and have started accepting the fact that digitalization has many benefits to offer. Also one cannot think about the future without indulging in digital technology specially with regard to making payments. Making use of technology for banking and so many other transactions in daily life has become necessary in the face of the globalization of Indian economy.

2 REVIEW OF LITERATURE

According to [1] Dezan Shira & Associates (2017), the digital wallet companies had shown a growth of 271% and amounting to US 2.8 billion dollars i.e.191 crores by February 2017. Due to internet connectivity on mobiles and vast usage of

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2 smart phones by the Indian population there has been a huge spurt in the level of digitalization in the country. In ‘Role of Digitization and E-commerce in Indian Economic Growth: An Employment Generation Perspective’, [2] Payel Choudhari and Abhishek Kumar (2015) have attempted to study the impact of digitalization on economic development and its potential to create employment opportunities. According to them digitalization has better scope to increase production and improve efficiency in developing economies as compared to developed economies. The growth of E- commerce in India can be attributed to adoption of smart technical gadgets and penetration of internet technology. [3]

Laila Memdani (2012) has discussed about the steps taken for digitalization of rural India like Gyandoot, e-choupal, Lifelines India etc. and its impact on rural economy. Though digitalization of rural economy faces many challenges and problems yet it has also yielded many benefits like increase in employment, better standard of living, increasing e- literacy and reduction in risk and uncertainty etc. According to [4] Jolapara Binita (2017), digitalization of India can be considered as one of the ways of transforming India and achieving development in a sustainable way.

Around 17 million employment opportunities have been generated through India’s Digital programme [4]

(Jolapara Binita, 2017). It hopes to be leader in use of IT services in the field of banking, education, health, defense and agriculture and transform India into a transparent, responsible and a reliable economy. According to [5] Pranjali Singh (2017), digitalization has a major role to play in the growth of Medium and Small Scale sector. Digitalization has helped to increase its revenue because of on-line presence by 46%, increased the customer base and reduced operational inefficiencies. [6] Raghavendra Nayak (2017) infers that digitalization of rural masses will help the government in implementing its programmes like Direct Benefit Transfer (DBT). Digitalization of banking sector also plays an important role in financial inclusion and creates transparency of records between the banks and customers. However digitization of rural India poses many challenges and problems such as low

literacy rate in rural India, lack of infrastructure facilities, lack of banking habits, lesser number of people using smart phones, network issues etc.

According to [7] Teena Shivnani and Mallika Ahuja (2015), digitization is one of the major challenges which banks have to face in recent times. It has transformed the concept of brick and mortar into

‘anytime anywhere’. Digitization is mainly concerned with providing better services to the bank customers and is basically related to the trust relationship between the bank and the customer.

2.1 Objectives and Research Methodology

The study is descriptive and exploratory in nature. The study has been particularly undertaken to know the role of National Payments Corporation of India (NCPI) in taking the economy ahead in context of digitalization through its various schemes and use of mobile. It makes use of secondary textual and statistical data to study the various products and services offered by NCPI and the features, growth and extent of use of such digital products in India since demonetization specially with reference to banking transactions.

The growth has been studied by calculating the average monthly growth rate as well as compound monthly growth rate of the usage of digitalization schemes and mobile phone digital technology and its surge into the masses. The time period of study relates to the post- demonetization period of 19 months starting from January 2017 to August 2018 or less subject to the data availability. To study the extent and growth in digitalization two types of Average monthly growth rate (AMGR) and Compounded monthly growth rate (CMGR) have been calculated.

I. Average monthly growth rate (AMGR): This has been calculated by finding the simple average of monthly growth rates.

II. Compound Monthly growth rate (CMGR): This has been found as a rate of growth between two periods i.e. January 2017- the first month post demonetization and August 2018 (or February 2018, March 2018 or July 2018) as the case may be.

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3 2.2 National Payments Corporation of India (NCPI)

National Payments Corporation of India (NCPI) has been established as a Non- Profit organization under the aegis of Reserve Bank of India (RBI) and Indian Banks Association (IBA) in 2007 for creating a robust and strong infrastructure for payment and settlement system in India. It formulates various provisions and electronic financial products and services for use by the people of India and thus has a very important role to play in the digitalization of the banking sector of the country. Its main focus is on enhancing the retail payment system of our country and turn India into one of the best payment network systems around the globe. For

this purpose NPCI has been successful in developing many digital products and services.

1 Unified Payment Interface (UPI) Unified Payments Interface (UPI) system has been developed by NPCI to facilitate payment and transfer of funds between two bank accounts through a mobile. It provides a seamless fund transfer service for 24 hours throughout the year and offers various benefits to all its participants i.e. the customer, the participating bank (both remitter and beneficiary), merchants and NPCI. It works on a virtual address and the customer does not have to reveal his card number, account number or IFSC code etc.

Table 1: UPI Statistics and Growth Month No. of

Banks live on UPI

Volume

(in Mn) Amount

(Rs. in Cr.) Growth % Growth

17-Jan 36 4.15 1658.80

17-Feb 44 4.16 1902.10 243.30 14.67

17-Mar 44 6.16 2391.40 489.30 25.72

17-Apr 48 7.01 2240.80 -150.60 -6.30

17-May 49 9.17 2765.40 524.60 23.41

17-Jun 52 10.155 3067.10 301.70 10.91

17-Jul 53 11.44 3381.20 314.10 10.24

17-Aug 55 16.61 4127.20 746.00 22.06

17-Sep 57 30.78 5293.40 1166.20 28.26

17-Oct 60 76.77 7057.80 1764.40 33.33

17-Nov 61 104.84 9640.60 2582.80 36.59

17-Dec 67 145.46 13144.30 3503.70 36.34

18-Jan 71 151.83 15571.20 2426.90 18.46

18-Feb 86 171.40 19126.20 3555.00 22.83

18-Mar 91 178.05 24172.60 5046.40 26.38

18-Apr 97 190.08 27021.85 2849.25 11.79

18-May 101 189.48 33288.51 6266.66 23.19

18-Jun 110 246.37 40834.03 7545.52 22.67

18-Jul 114 235.65 45845.64 5011.61 12.27

18-Aug 114 312.02 54212.26 8366.62 18.25

Average Monthly

Growth Rate 20.58

Compound

Monthly Growth Rate

21.36

Source: npci.org.in

Growth and Average Growth rate (Self-Compiled) From the above Table 1 we can see that

UPI has grown at an average monthly growth rate of 20.58%. The table reflects that the number of banks live on UPI has gone up from 36 in January 2017 to 114 in August 2018. The volume of transactions has also gone up from 4.15 million to 312.02 million during the same period. The compound monthly growth rate amounts to 21.36%. The growth has

been positive throughout the study period except for the month of April 2017.

2 Bharat Interface for Money (BHIM) Bharat Interface for Money (BHIM) is another way of facilitating payments from one bank to another through the mobile.

BHIM also makes use of the platform provided by the UPI to make payment process easy and simple. One important feature of BHIM is that it can be used and

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4 operated in 12 different languages which include Hindi, English, Tamil, Telugu, Malayalam, Bengali, Oriya, Kannada, Gujarati, Marathi, Assamese and Bengali.

This makes it very convenient for use by the Indian masses. BHIM also makes use

of Virtual Payment Address (UPI ID). It also offers many other technical benefits to its users.

Source: npci.org.in

Growth and Average Growth rate (Self-Compiled) The above Table 2 shows that the number

of live members on BHIM has gone up from 35 in January 2017 to 99 in August 2018. The average monthly growth rate is 17.75% and compound monthly growth rate is 17.86%. There also has been a tremendous growth in the volume of transactions which has gone up from 1.72 million to 16.5 million during the study period of January 2017 to August 2018.

3 Immediate Payment Service (IMPS) Immediate Payment Service (IMPS) which was launched in 2010 is a tool which can

be accessed on various multiple channels including Mobile, Internet, SMS, ATM, USSD (*99#) and Branch. It provides an instant, 24x7x365, real time transfer of funds facility which is safe as well as economical. NEFT and RTGS which were available only during the banking hours caused a limitation for transferring funds.

IMPS has helped in removing this bottleneck and funds can now be transferred from person to bank account, person to person and person to merchant in a secure manner. Currently IMPS has 243 banks and PPIs as live members.

Table 3: IMPS Statistics and Growth

Month

No. of Member

Banks

No. of Transactions

Amount (in Cr)

(in Mn) Growth*

(in Cr) % Growth**

January,2017 192 62.43 49,125.60

February,2017 193 59.75 48,221.29 -904.31 -1.84

March,2017 236 67.41 56,468.35 8,247.06 17.10

April,2017 236 65.08 56,205.84 -262.51 -0.46

May,2017 239 66.72 58,559.08 2,353.24 4.19

June,2017 239 65.84 59,654.53 1,095.45 1.87

Table 2: Bharat Interface for Money (BHIM) Statistics and Growth Month No. of Banks

live on BHIM Volume

(in Mn) Amount

(Rs. in Cr.) Growth % Growth

17-Jan 35 1.72 356.50

17-Feb 44 1.97 623.15 266.65 74.80

17-Mar 44 2.46 823.10 199.95 32.09

17-Apr 44 3.19 1,002.15 179.05 21.75

17-May 44 3.98 1,306.73 304.58 30.39

17-Jun 49 4.62 1,486.71 179.98 13.77

17-Jul 52 5.43 1,600.14 113.43 7.63

17-Aug 55 6.81 1,898.63 298.49 18.65

17-Sep 55 7.60 2,245.34 346.71 18.26

17-Oct 59 7.632 2,348.70 103.36 4.60

17-Nov 60 8.19 2,548.81 200.11 8.52

17-Dec 65 9.066 3,083.21 534.40 20.97

18-Jan 67 9.57 3,647.19 563.98 18.29

18-Feb 78 9.88 4,011.16 363.97 9.98

18-Mar 82 11.95 4,839.65 828.49 20.65

18-Apr 89 12.6 4,972.69 133.04 2.75

18-May 92 14.16 5,748.47 775.78 15.60

18-Jun 92 16.34 6,261.25 512.78 8.92

18-Jul 99 16.42 6,692.66 431.41 6.89

18-Aug 99 16.5 6,872.57 179.91 2.69

Average Monthly Growth Rate

17.75

Compound Monthly Growth Rate

17.86

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July,2017 239 69.07 60,476.19 821.66 1.38

August,2017 261 75.66 65,149.47 4,673.28 7.73

September,2017 261 82.85 71,759.59 6,610.12 10.15

October,2017 296 88.12 75,041.61 3,282.02 4.57

November,2017 296 89.49 78,257.69 3,216.08 4.29

December,2017 303 98.01 87,106.19 8,848.50 11.31

January,2018 323 99.59 88,213.58 1,107.39 1.27

February,2018 341 99.25 88,270.33 56.75 0.06

March,2018 341 110.16 103,804.02 15,533.69 17.60

April,2018 364 109.55 102240.26 -1,563.76 -1.51

May,2018 364 116.62 108574.96 6,334.70 6.20

June,2018 364 120.49 113011.57 4,436.61 4.09

July,2018 394 127.38 117166.56 4,154.99 3.68

Aug,2018 394 133.58 123733.51 6,566.95 5.60

Average Monthly

Compound Monthly

Source: npci.org.in

Growth and Average Growth rate (Self-Compiled) From the above table we can see that

there has been an average monthly growth rate to the extent of 5.12%. Except a few months like February 2017, April 2017 and April 2018 the growth during all the other months has been positive. IMPS has grown from 49125.60 crores in January 2017 to 123733.51 crores in August 2018 thus resulting in a compound monthly growth rate of 5.26%.

The number of member banks has also increased from 192 in January 2017 to 394 in August 2018 and total number of transaction per month has also gone up from 62.43 million in January 2017 to 133.58 million in August 2018.

4 *99# (USSD)

*99# is an Unstructured Supplementary Service Data (USSD) based mobile banking service of NPCI and was initially launched in November 2012. Earlier it was being offered by only two companies

i.e. Maharashtra Telephone Nigam Limited (MTNL) and Bharat Sanchar Nigam Limited (BSNL). The service had limited reach and only two TSPs were offering this service i.e. MTNL & BSNL.

Recognizing the role of mobile banking in financial inclusion many other regulatory and trade bodies also joined it and USSD 1.0 was launched and dedicated to the nation on 28th August 2014, as part of Pradhan Manti Jan Dhan Yojna. It is also available for non-internet based smart as well as basic phones and was launched as USSD 2.0 on 30th December 2016. *99#

service has been launched to connect common banking customers to banking services through a common number across all Telecom Service Providers (TSPs) and provides services such as interbank sending and receiving of funds, balance enquiry etc through interactive menu on mobile.

Table 4: *99# Statistics and Growth Month No. of

Banks live on *99#

Volume Amount

(Rs. in Mn) Growth % Growth

17-Jan 27 3,08,383 373.67

17-Feb 27 2,22,159 355.25 -18.42 -4.93

17-Mar 36 2,08,141 336.04 -19.21 -5.41

17-Apr 37 1,87,146 303.16 -32.88 -9.78

17-May 35 1,90,500 315.28 12.12 4.00

17-Jun 34 1,98,815 312.98 -2.30 -0.73

17-Jul 44 1,90,584 301.89 -11.09 -3.54

17-Aug 45 1,91,812 294.25 -7.64 -2.53

17-Sep 49 2,02,700 323.61 29.36 9.98

17-Oct 50 1,84,557 299.07 -24.54 -7.58

17-Nov 50 1,82,523 287.4 -11.67 -3.90

17-Dec 52 1,79,852 299.4 12.00 4.18

18-Jan 55 1,72,811 290 -9.40 -3.14

18-Feb 62 1,56,073 259.3 -30.70 -10.59

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Average

Monthly Growth Rate

-2.61

Compound

-2.77

Source: npci.org.in

Growth and Average Growth rate (Self-Compiled) Currently the service is being provided by

41 leading banks in 13 languages including Hindi and English. According to Table 4 and the available statistics the product *99# is being used in a limited way. Its average and compound growth rate is also negative. This is because of its intermittent positive and negative monthly growth rates during the study period.

5 National Electronic Toll Collection (NETC)

National Electronic Toll Collection (NETC) has been developed by NPCI to facilitate payment of Toll tax digitally. It is operable

throughout India through a device known as FASTag which is fixed on the windscreen of the vehicle. The FASTag device employs Frequency Identification (RFID) technology for the purpose of paying Toll Tax even when the vehicle is running. The account of the customer is linked to the FASTag and the person does not have to halt at the Toll Tax Plaza to make toll payments. Thus the customer saves on fuel and time and helps to reduce congestion at toll plazas and enables a centralized audit control.

Currently 415 toll plazas are connected through the program to meet the digital tolling requirements of the Indian market.

Table 5: National Electronic Toll Collection (NETC) Statistics and Growth

Month Tag

Issuance (In Nos.)

Transaction Count

(In Lakh) Transaction Amount

(In Cr) Growth % Growth

17-Jan 80272 64.06 178.95

17-Feb 53927 65.51 184.21 5.26 2.94

17-Mar 69537 74.99 209.39 25.18 13.67

17-Apr 43208 74.15 210.53 1.14 0.54

17-May 37526 80.74 225.38 14.85 7.05

17-Jun 29729 82.14 225.76 0.38 0.17

17-Jul 41089 86.42 234.18 8.42 3.73

17-Aug 53574 96.56 257.86 23.68 10.11

17-Sep 67797 101.43 275.15 17.29 6.71

17-Oct 38987 97.87 262.62 -12.53 -4.55

17-Nov 44516 107.01 285.26 22.64 8.62

17-Dec 146282 122.91 319.82 34.56 12.12

18-Jan 231602 129.30 327.76 7.94 2.48

18-Feb 219417 137.13 345.94 18.18 5.55

18-Mar 267644 154.91 382.14 36.20 10.46

18-Apr 248718 158.83 390.07 7.93 2.08

18-May 256029 178.66 426.62 36.55 9.37

18-Jun 257323 182.92 428.61 1.99 0.47

18-Jul 242795 184.65 418.08 -10.53 -2.46

Average Monthly

Compound Monthly

` Source: npci.org.in Growth and Average Growth rate (Self-Compiled) As reflected in the above Table 5 the

average monthly growth rate for NETC is 4.95 where as the compound monthly growth rate for a period of 18 months is 10.23%. The AMGR and CMGR for NETC both are indicative of the fact that people are inclined towards making use of this digital product quite extensively which

again reflects a positive attitude towards digitalization by the people of the country.

6 National Automated Clearing House (NACH)

National Automated Clearing House (NACH) has been launched by NPCI to facilitate Banks, Corporate entities,

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7 Financial Institutions and the Government to facilitate payments which are periodic and repetitive in nature.

NACH is a web based solution for handling bulk transactions like payment of subsidies by the government, salary disbursement by the government and corporate, distribution of dividend,

interest, pension etc. It also handles other bulk payments and collections like insurance, telephone, electricity, water, mutual funds etc. NACH is a safe and secure system which covers the entire geography of the country and covers the entire core banking enabled bank

branches network.

Table 6: NACH* Statistics and Growth Data for the

period

Volume (in Million)

Value (In Rs. Billion)

Growth %

Growth

Jan-17 158.7 541.4

Feb-17 150.5 592.0 50.66 9.36

Mar-17 182.1 829.4 237.34 40.09

Apr-17 212.6 905.2 75.78 9.14

May-17 194.4 692.4 -212.78 -23.51

Jun-17 197.3 708.6 16.27 2.35

Jul-17 204.3 771.7 63.10 8.90

Aug-17 205.2 752.4 -19.34 -2.51

Sep-17 176.0 628.4 -124.02 -16.48

Oct-17 187.0 900.5 272.08 43.30

Nov-17 197.5 724.1 -176.33 -19.58

Dec-17 183.0 714.0 -10.13 -1.40

Jan-18 208.1 727.7 13.70 1.92

Feb-18 199.1 850.9 123.19 16.93

Average

1.73

Compound

3.84

Source: npci.org.in

Growth and Average Growth rate (Self-Compiled) It can be seen from the above Table 6 that

the average monthly rate of growth for NACH which is a product for making regular payments by entities is 1.73 percent. Its compound monthly growth rate is 3.84. This reflects a growth in digitalization in the country. In a span of 13 months it has grown from Rs.541.4 billion to Rs.850.9 billion. The growth rate as compared to others is not very high.

This may be because of lesser share of organized or formal sector in the producing sector of the economy and the lack of awareness of such products in the informal sector.

7 Bharat BillPay

Bharat BillPay system has been conceptualized by NPCI as a single digital window system for payment of all kinds of bills by Indian customers. Currently it is available on ‘Anytime Anywhere’ basis for paying bills related to telecom, electricity, gas, water, DTH etc. The same services are expected to be expanded to payment of school fees, insurance premiums,

mutual fund, local taxes etc. The system also caters to customer complaints and problems encountered in payment of bills through Bharat BillPay. It offers multiple channels for paying bills like internet, internet banking, mobile, mobile banking, mobile wallets, Point of sale terminal, ATM etc. The billers include 3 DTHs, 52 Electricity Companies at National and State level, 11 Gas Companies, 12 Telecom Companies and 4 Water supply companies.

8 Rupay Contactless

To facilitate the payments which are small in value NPCI launched Rupay Contactless. Though still in its nascent stage, it is the first of its kind in small value payments. It is conceptualized as a single card which suffices for all kinds of transportation payments including metro, bus and cab, toll payments, parking, restaurants, retail shops and outlets, ATMs etc. Rupay card offers the benefits of low cost and affordability, customized product offering, protection of information

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8 related to Indian consumers and inter-

operability between payment channels and products.

Table 7: Rupay Contactless

Sr. No. Category Live Banks Project

1 Bus Operator Axis Bank Bangalore Metropolitan Transport Corporation 2 Metro Operator Axis Bank Kochi Metro Rail Ltd.

3 Issuer PNB Debit Card Issuance

4 Smart City.. ICICI Bank Ahmedabad Smart City

Source: npci.org.in 9 National Financial Switch (NFS) National Financial Switch (NFS) is a network of ATMs which was taken over by NPCI on December 14^th, 2009 from Institute for Development and Research in Banking Technology (IDRBT). From a network of 37 members and 50000 ATMs it has grown multiple times to a network of 941 members and 2.37 lakhs ATMs.

Today its operations and services are at par with global standards. It has also brought under its network many Regional Rural Banks (RRBs) and small local cooperative banks. Besides basic services like cash withdrawal and balance enquiry, mini statement and change of PIN, it also provides many other value added services like mobile banking registration,

interoperable cash deposit, request for statement, cheque book request etc.

3 EXTENT OF DIGITALISATION IN INDIA SINCE DEMONETISATION

The Table below shows the monthly average growth rates for the various digitalization schemes launched by NPCI.

It is clearly evident that there has been a positive growth in UPI, BHIM, IMPS, NETC and NACH. Only in case of *99# the growth rate is negative. From the table it can be observed that the overall average monthly growth rate of digitalization in the country has been 7.92 percent and compound growth rate is 9.31 percent.

UPI is growing at the fastest rate at 20.58% per month followed by BHIM at a rate of 17.75% monthly.

Table 8: Comparative Monthly Growth Rates of Various Products of NPCI

S.No. Product/Service Average Monthly Growth Rate

Compound Monthly Growth

Rate

1 UPI 20.58 21.36

2 BHIM 17.75 17.86

3 IMPS 5.12 5.26

4 *99# (USSD) -2.61 -2.71

5 NETC 4.95 10.23

6 NACH 1.73 3.84

Average 7.92 9.31

Source:Self compiled 4 CONCLUSION

Digitalisation is the call of the modern world. With developing and developed economies integrating with each other on various platforms such as capital and technology transfers and cross border investments etc. digitalization has become very imperative to remain ahead and growing in this globalized world.

Demonetization can thus be viewed as a

‘blessing in disguise’ as far as digitalization is concerned because it has helped India to increase its pace of going digital and take a concrete step towards being a less cash economy. It can be seen from the above study that the various digital savvy products launched by

National Payments Corporation of India are playing a robust role in this direction.

REFERENCES

1. D. Shira & Associates(2017), ‘Growth of Digital Payments System in India’ India Briefing July 27^th, 2017

2. P. Chaudhuri and A. Kumar (2015), ‘Role of Digitization and E-commerce in Indian Economic Growth: An Employment Generation Perspective’ December 2015, Conference: 98th Annual Conference of Indian Economic Association

3. L. Memdani (2012) ‘Overview Of Digitalization Of Rural India And Its Impact On The Rural Economy’ , Abhinav National Monthly Refereed Journal Of Research In Arts & Education Volume No.1, Issue No.June 2012, ISSN 2277-1182 www.abhinavjournal.com

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4. J.Binita (2017), ‘Digital India: A Way Of Transforming India’, Abhinav National Monthly Refereed Journal of Research in Commerce & Management, Volume 6, Issue 12 (December, 2017) UGC Approved Online ISSN-2277-1166

5. P.Singh (2017),’Impact Of Digitalization On Small And Medium Enterprises In India’

Indian Journal of Research, Volume : 6 | Issue : 4 | April - 2017 ISSN - 2250-1991 | IF : 5.761 | IC Value : 79.96

6. R. Nayak (2018) ‘A Conceptual Study on Digitalization of Banking - Issues and Challenges in Rural India’ International Journal of Management, IT & Engineering Vol. 8 Issue 6, June 2018, ISSN: 2249 - 0558 Impact Factor: 7.119

7. T. Shivnani and M. Ahuja (2015) ‘Digital Revolution in Banking Sector of India’, International Research Journal of Business and Management Volume No – VIII, April – 2015, Issue – 5, ISSN 2322-083X

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