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Tag: Reserve Bank of India

DeMonetisation and Digital Payments

DeMonetisation did not promote the uptake of digital transactions Driving India towards a less-cash, digital payments economy was one of the aims claimed by the Prime Minister when he invalidated 86% of India’s circulating currency. The reasoning was that India was a largely cash-based economy; if circulating cash was reduced, people would rapidly move towards …

India’s Great Leap Forward

A year on the Prime Minister’s Great Idea may have turned out to be a dud Mao ZeDong’s Great Leap Forward [1]  has to be the most outstanding example of the devastating harm from the unintended consequences of a state policy that aimed to modernize and develop an entire country.  It resulted in the deaths …

How does linking your Aadhaar to your bank account destroy the banking system?

benami money laundering aadhaar bank account

Linking Aadhaar to bank accounts is a recipe for creating benami[2] bank accounts and scaling benami bank transactions. It threatens to destroy your bank accounts and destroy the country’s banking system. It’s devastating that the integrity of banking processes is being destroyed by dividing, outsourcing and privatising processes integral to core banking so that they become the responsibility of no one.

India at 70: democratic accountability is an endangered species

Democracies are expected to empower citizens to take genuine control of instruments of the state for their development. At the core of this concept is the idea that citizens will participate in governance at the local level, making decisions for themselves, and vote in representatives to legislatures for higher-level decisions. India is an implausible democracy, …