CURRENT AFFAIRS

Detailed explanation-1: -India’s future looks really optimistic and setting examples for the world. First major breakthrough was Aadhaar followed by UPI. Then there was FASTag for cash-free toll payments. There are many such steps that the government has taken for better interoperability with the help of innovative digital solutions.

Detailed explanation-2: -The cashless Economy in India has been amplified with the Indian Government’s initiative of Digital India. This is a flagship programme with a vision to transform India into a digitally empowered society and knowledge economy.

Detailed explanation-3: -Online transfer using NEFT or RTGS is comparatively faster than cheque or DD. Online transfer can be done from anywhere using internet facility. Credit card or debit card is another cashless payment method. The usage of credit card and debit card was limited in India.

Detailed explanation-4: -Convenience. The entire process of cashless systems ensures easier payments anytime and anywhere. For instance, if you want to send money to your family residing in another city, you don’t have to go through the hassle of visiting the bank to initiate the transaction. A simple NEFT or IMPS from your phone does the job.