A Study of Trend in Cashless Transactions Before and After Demonetization PDF

A STUDY OF TREND IN VARIOUS MODES OF CASHLESS TRANSACTIONS BEFORE
AND AFTER DEMONETIZATION
Submitted for the partial fulfillment of the degree
Bachelor of Business Administration
Submitted by
MASOOM TEKWANI
Roll Number: 69
T.Y. B.B.A. (FINANCE)
Under The Guidance Of
MR. MEHUL MEHTA
Submitted To
Sarvajanik Education Society
BRCM College of Business Administration
Veer Narmad South Gujarat University
Surat
2017 – 2018
B.R.C.M. College of business administration Page 1

TABLE OF CONTENTS
ACKNOWLEDGEMENT………………………………………………………………………………………….3
EXECUTIVE SUMMARY…………………………………………………………………………………………5
CHAPTER 1 INTRODUCTION ABOUT DEMONETTIZATION……………………………………….6
DEMONETIZATION IN INDIA ................................................................................... 7
INDIAN CASHLESS ECONOMY..................................................................................... 8
ELECTRONIC AND PAYMENT SETTLEMENT SYSTEM IN INDIA…………………………………….9
CHAPTER 2 INTRODUCTION TO NPCI AND VARIOUS PAYMENT METHODS………12
CHAPTER 3 OBJECTIVES…………………………………………………………………………………..27
LITERATURE REVIEW …………………………………………………………………………………….29
JUSTIFICATION OF TITLE………………………………………………………………………….......29
PRIMARY AND SECONDARY OBJECTIVES……………………………………………………...30
CHAPTER 4 RESEARCH METHODOLOGY………………………………………………………..31
RESEARCH DESIGN………………………………………………………………………………………32
DATA COLLECTION…………………………………………………………………………………….32
DATA ANALYSIS………………………………………………………………………………………..32
LIMITATIONS…………………………………………………………………………………………..32
SCOPE OF FUTURE STUDY……………………………………………………………………....33
CHAPTER 5 FINDINGS AND ANALYSIS………………………………………………………34
CHAPTER 6 CONCLUSION AND RECOMMENDATIONS ……………………………110
BIBLIOGRAPHY……………………………………………………………………………………..112
ANNEXURE………………………………………………………………………………………..113

ACKNOWLEDGEMENT
I would like to thank VEER NARMAD SOUTH GUJARAT UNIVERSITY (V.N.S.G.U) to

include a winter project in our B.B.A. curriculum that made us understand the
practicality of various aspects.
I am honoured to Dr. Jayesh Desai, Director, BRCM College of Business

Administration and all the faculty members of my college to provide me all the
guidance that help me to work on my project more effectively.
I would like to give special thanks to Mr. Mehul Mehta my official project guide that
has guided me with all the support I needed to accomplish my Research Project.
Yours sincerely,
Tekwani Masoom
Date: March 2018

DECLARATION
I, Masoom Tekwani hereby declare that the project report entitled “A STUDY OF
TREND IN VARIOUS MODES OF CASHLESS TRANSACTIONS BEFORE AND AFTER
DEMONETIZATION” under the guidance of Mr. Mehul Mehta, submitted in partial
fulfillment of the requirement for the award of the degree of Bachelors Of Business
Administration to Veer Narmad South Gujarat University, Surat is my original work –
research – study carried out during sixth semester (2017 – 18) and not submitted for
the award of any other degree of any other institution / organization of University.
Massom Tekwani
T.Y. Finance
Roll No.: 69
Sign:

EXECUTIVE SUMMARY
The research A Study of trend in various modes of cashless transactions before and
after demonetization is made with the research methodology F-TEST and T-TEST
analysis. Also various graphs and trend analysis is used to have a clear idea regarding
change in volume and value of cashless transactions
Chapter 1 includes meaning of demonetization which took place in India and its
objectives. A brief description is given regarding electronic and payment settlement
system in India
Chapter 2 includes introductions of NPCI and various payment methods
Chapter 3 focuses on the research objectives, literature review.
Chapter 4 has research methodology the limitations of the research, scope of future
study and research hypothesis.
Chapter 5 has the final analysis and findings of the project which is followed by the
references and bibliography and annexure.

CHAPTER- 1
INTRODUCTION
ABOUT
DEMONETIZATION

DEMONETIZATION IN INDIA
Demonetization refers to an economic policy where a certain currency unit ceases to

be recognized or used as a form of legal tender. In other words, a currency unit still
loses its legal tender status as a new one comes into circulation.
The government can take such decisions to stop the circulation of a denomination of
notes or coins in the economy.
The government of India took a step to demonetize Rs 500 and Rs 1000 currency on
8th nov, 2016, which means that the legal tender of currency units is declared invalid
from the specified date.
Demonetization of currency means discontinuity of the said currency from
circulation and replacing it with a new currency.
Objectives
 Demonetization and Black Money:

One of the most important points that pushed people to support
demonetization was its associating with bringing an end to the black money
problem in India. Individuals who are sitting on a pile of cash usually do not
deposit the amount in the bank or invest anywhere as they would be
required to show income or submit PAN for any valid financial transactions.
However, almost 99% of the money was deposited back to RBI. The statistics
revealed that either the hoarders found a way to legitimize their black money
or did not hold them in the form of cash.
 Demonetization and Terror Funding

The second reason to support demonetization was its role in curbing
terrorism by increasing the obstacles in terror funding. Terrorist organization
were known to use fake Indian currency notes for funding their projects and

the government believed that this could be contained with the help of
demonetization.
 Demonetization and Tax Payments
Pushing Indians to deposit and account the cash lying in their house also
meant a rise in the tax payments for the country. According to government
reports the income tax payers saw a record increase in the post
demonetization era. 9.1 million New taxpayers were added to the slab which
was an 80% rise over the typical yearly rise. This increase in the number of
taxpaying citizens in the country has been credited to demonetization.
 Demonetization and cashless economy

As the demonetization process continues, Modi’s rhetoric is less about
fighting corruption and more about transitioning India to a cashless economy.
People turned towards digital transactions for everything from buying
groceries from a road side vendor to paying utility bills during the time of
demonetization. However, as the flow of cash into the economy began to
increase, the use of these apps and digital wallets saw a slide once again.
Indian cashless economy
A cashless economy is one in which all the transactions are done using cards or
digital means. The circulation of physical currency is minimal."
A Cashless Society describes an economic state whereby financial transactions are
not conducted with money in the form of physical banknotes or coins, but rather
through the transfer of digital information (usually an electronic representation of
money) between the transacting parties.
History of payments system in india
The central bank of any country is usually the driving force in the development of
national payment systems. The Reserve Bank of India as the central bank of India has

been playing this developmental role and has taken several initiatives for Safe,
Secure, Sound, Efficient, Accessible and Authorised payment systems in the country.
The Board for Regulation and Supervision of Payment and Settlement Systems
(BPSS), a sub-committee of the Central Board of the Reserve Bank of India is the
highest policy making body on payment systems in the country. The BPSS is
empowered for authorising, prescribing policies and setting standards for regulating
and supervising all the payment and settlement systems in the country. The
Department of Payment and Settlement Systems of the Reserve Bank of India serves
as the Secretariat to the Board and executes its directions.
In India, the payment and settlement systems are regulated by the Payment and
Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The
PSS Act as well as the Payment and Settlement System Regulations, 2008 framed
thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS
Act, no person other than the Reserve Bank of India (RBI) can commence or operate
a payment system in India unless authorised by RBI. Reserve Bank has since
authorised payment system operators of pre-paid payment instruments, card
schemes, cross-border in-bound money transfers, Automated Teller Machine (ATM)
networks and centralised clearing arrangements.
Electronic and payment settlement system in india
The Reserve Bank has taken many initiatives towards introducing and upgrading
safe and efficient modes of payment systems in the country to meet the
requirements of the public at large. The dominant features of large geographic
spread of the country and the vast network of branches of the Indian banking
system require the logistics of collection and delivery of paper instruments.
These aspects of the banking structure in the country have always been kept in
mind while developing the payment systems.
 Paper-based Payments

Use of paper-based instruments (like cheques, drafts, and the like) accounts for
nearly 60% of the volume of total non-cash transactions in the country. In value
terms, the share is presently around 11%. This share has been steadily decreasing
over a period of time and electronic mode gained popularity due to the concerted
efforts of Reserve Bank of India to popularize the electronic payment products in
preference to cash and cheques.
Since paper based payments occupy an important place in the country, Reserve Bank
had introduced Magnetic Ink Character Recognition (MICR) technology for speeding
up and bringing in efficiency in processing of cheques
While the overall thrust is to reduce the use of paper for transactions, given the fact
that it would take some time to completely move to the electronic mode, the
intention is to reduce the movement of paper – both for local and outstation
clearance of cheques.
 Electronic Payments
The initiatives taken by RBI in the mid-eighties and early-nineties focused on

technology-based solutions for the improvement of the payment and settlement
system infrastructure, coupled with the introduction of new payment products by
taking advantage of the technological advancements in banks. The continued
increase in the volume of cheques added pressure on the existing set-up, thus
necessitating a cost-effective alternative system.
 Electronic Clearing Service (ECS) Credit
The Bank introduced the ECS (Credit) scheme during the 1990s to handle bulk and
repetitive payment requirements (like salary, interest, dividend payments) of
corporates and other institutions. ECS (Credit) facilitates customer accounts to be
credited on the specified value date and is presently available at all major cities in
the country.
 Electronic Clearing Service (ECS) Debit

The ECS (Debit) Scheme was introduced by RBI to provide a faster method of
effecting periodic and repetitive collections of utility companies. ECS (Debit)
facilitates consumers / subscribers of utility companies to make routine and
repetitive payments by ‘mandating’ bank branches to debit their accounts and pass
on the money to the companies.
There is no limit as to the minimum or maximum amount of payment. This is also

available across major cities in the country.
 Electronic Funds Transfer (EFT)

 National Electronic Funds Transfer (NEFT) System
 Real Time Gross Settlement (RTGS)System
 Clearing Corporation of India Limited (CCIL)
 Other Payment Systems
 Pre-paid Payment Systems

 Mobile Banking System
 ATMs / Point of Sale (POS) Terminals / Online Transactions
Steps taken by RBI and Government to discourage use of cash
 Licensing of Payment banks

 Government is also promoting mobile wallets.Mobile wallet allows users to
instantly send money, pay bills, recharge mobiles, book movie tickets, send
physical and e-gifts both online and offline. Recently, the RBI had issued
certain guidelines that allow the users to increase their limit to Rs 1,00,000
based on a certain KYC verification
 Promotion of e-commerce by liberalizing the FDI norms for this sector.
 Government has also launched UPI which will make Electronic transaction
much simpler and faster.
 Government has also withdrawn surcharge, service charge on cards and
digital payments

CHAPTER -2
INTRODUCTION OF NPCI
AND VARIOUS CASHLESS
PAYMENT METHODS

NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI)
 National Payments Corporation of India (NPCI), an umbrella organisation for

operating retail payments and settlement systems in India, is an initiative of
Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a
robust Payment & Settlement Infrastructure in India.
 Considering the utility nature of the objects of NPCI, it has been incorporated
as a “Not for Profit” Company under the provisions of Section 25 of
Companies Act 1956 (now Section 8 of Companies Act 2013), with an
intention to provide infrastructure to the entire Banking system in India for
physical as well as electronic payment and settlement systems.
 The Company is focused on bringing innovations in the retail payment
systems through the use of technology for achieving greater efficiency in
operations and widening the reach of payment systems.
 The ten core promoter banks are State Bank of India, Punjab National Bank,
Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank,
HDFC Bank, Citibank N. A. and HSBC. In 2016 the shareholding was broad-
based to 56 member banks to include more banks representing all sectors.
 NPCI, during its journey in the last seven years, has made a significant impact
on the retail payment systems in the country.
 Dedicated to the nation by our former President, Shri Pranab Mukherjee,
endorsed by the Hon’ble Prime Minister, Shri Narendra Modi and later made

the card of choice for the ambitious Pradhan Mantri Jan Dhan Yojana, RuPay
is now a known name.
 With Immediate Payment Service (IMPS), India has become the
leading country in the world in real time payments in retail sector. Needless
to mention, National Financial Switch (NFS) and Cheque Truncation System
(CTS) continues to be the flagship products of NPCI.
 Unified Payments Interface (UPI) has been termed as the
revolutionary product in payment system and Bharat Bill Payment System
(BBPS) has also been launched in pilot mode. The other products include
RuPay Credit Card, National Common Mobility Card (NCMC) and National
Electronic Toll Collection (NETC).
 With these products the aim is to transform India into a ‘less-cash’ society by
touching every Indian with one or other payment services. With each passing
year we are moving towards our vision to be the best payments network
globally.
PAYMENT METHODS
The various payment methods used in this study are:
1. Real time gross settlement (RTGS)

2. National electronic fund transfer system (NEFT)
3. Cheque truncation system (CTS)
4. Immediate payment service (IMPS)
5. National automated clearing house (NACH)
6. Unified payment interface (UPI)
7. Debit cards and credit cards at pos (point of sale)
8. Debit cards and credit cards at atm (automated teller
machine)
9. Mobile banking
10. Aadhar enabled payment system (AEPS)
11. Prepaid payment instruments (PPI)

12. Bharat interface for money (BHIM)
13. *99# USSD based product
1. RTGS
The acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as
the continuous (real-time) settlement of funds transfers individually on an order by
order basis (without netting). 'Real Time' means the processing of instructions at the
time they are received rather than at some later time; 'Gross Settlement' means the
settlement of funds transfer instructions occurs individually (on an instruction by
instruction basis). Considering that the funds settlement takes place in the books of
the Reserve Bank of India, the payments are final and irrevocable.
The RTGS system is primarily meant for large value transactions. The minimum
amount to be remitted through RTGS is ` 2 lakh. There is no upper ceiling for RTGS
transactions.
HOW IT WORKS
2. NEFT

National Electronic Funds Transfer (NEFT) is a nation-wide payment system

facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and
corporates can electronically transfer funds from any bank branch to any individual,
firm or corporate having an account with any other bank branch in the country
participating in the Scheme.
HOW IT WORKS
Step-1 : An individual / firm / corporate intending to originate transfer of funds

through NEFT has to fill an application form providing details of the beneficiary (like
name of the beneficiary, name of the bank branch where the beneficiary has an
account, IFSC of the beneficiary bank branch, account type and account number) and
the amount to be remitted.
Step-2 : The originating bank branch prepares a message and sends the message to
its pooling centre (also called the NEFT Service Centre).
Step-3 : The pooling centre forwards the message to the NEFT Clearing Centre
(operated by National Clearing Cell, Reserve Bank of India, Mumbai) to be included
for the next available batch.
Step-4 : The Clearing Centre sorts the funds transfer transactions destination bank-
wise and prepares accounting entries to receive funds from the originating banks
(debit) and give the funds to the destination banks(credit). Thereafter, bank-wise
remittance messages are forwarded to the destination banks through their pooling
centre (NEFT Service Centre).
Step-5 : The destination banks receive the inward remittance messages from the
Clearing Centre and pass on the credit to the beneficiary customers’ accounts.

3. CTS
CTS stands for Cheque Truncation System and essentially means that instead of
sending the cheque in physical form by the collecting bank to the paying bank, an
electronic image of the cheque is transmitted to the drawee branch for payment
through the clearing house, thereby eliminating the cumbersome physical
presentation of the cheque to the paying bank, thus saving in time and costs
involved in traditional clearing system.
How it works
Customer deposits an instrument in drop box/ collection point / Bank-Branch. All

instruments received before a cut-off time are collected & physically transported to
service branch of the presenting bank. The images & data of collected instrument
captured at presenting bank would travel electronically to drawee bank for
processing same day. The instruments would get sorted as per MICR clearing centers
& would physically travel to corresponding MICR clearing center i.e. Local or
outstation clearing. At MICR centers respective bank would present and collect their
instruments. These would be taken through the same route to respective bank-
branch for processing. The rejected instruments would traverse the same route bank
to presenting bank-branch. The return cycle of rejected instruments would be
completed next day & settlement is completed on completion of return cycle. The
customer would get funds on completion of settlement process.

4. IMPS
IMPS provides robust & real time fund transfer which offers an instant, 24X7,
interbank electronic fund transfer service that could be accessed on multiple
channels like Mobile, Internet, ATM, SMS, Branch and USSD(*99#). IMPS is an
emphatic service which allow transferring of funds instantly within banks across
India which is not only safe but also economical. Currently on IMPS, 243 members
are live which includes banks & PPIs.
This facility is provided by NPCI through its existing NFS switch.
How it works
Step 1 remitter sends instruction to sender bank server
Step 2 validation of details and pass on to NPCI servers, sms confirmation to sender
after debiting his account
Step 3 NPCI passes transaction to receiver bank, and once it gets confirmation about
the transaction send status
Step 4 receiver bank validates the transaction and credits the receiver account with
money and sends the status to NPCI server
Step 5 receiver gets the money on successful transaction.

5. NACH
National Automated Clearing House (NACH) is a centralised system, launched with

an aim to consolidate multiple ECS systems running across the country and provides
a framework for the harmonization of standard & practices and removes local
barriers/inhibitors. NACH system will provide a national footprint and is expected to
cover the entire core banking enabled bank branches spread across the geography of
the country irrespective of the location of the bank branch.
NACH’s Aadhaar Payment Bridge (APB) System, developed by NPCI has been helping
the Government and Government Agencies in making the Direct Benefit Transfer
scheme a success. The APB System links the Government Departments and their
sponsor banks on one side and beneficiary banks and beneficiary on the other hand.
How it works

6. UPI
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into
a single mobile application (of any participating bank), merging several banking
features, seamless fund routing & merchant payments into one hood. It also caters
to the “Peer to Peer” collect request which can be scheduled and paid as per
requirement and convenience.
How it works?
 PUSH – sending money using virtual address
 User logs in to UPI application

 After successful login, user selects the option of Send Money/Payment
 User enters beneficiary’s/Payee virtual id, amount and selects account to be
debited
 User gets confirmation screen to review the payment details and clicks on
Confirm
 User now enters UPI PIN
 User gets successful or failure message
 PULL – Requesting money:
 User logs in to his bank’s UPI application

 After successful login, user selects the option of collect money (request for
payment)
 User enters remitters/payers virtual id, amount and account to be credited
 User gets confirmation screen to review the payment details and clicks on
confirm

 The payer will get the notification on his mobile for request money
 Payer now clicks on the notification and opens his banks UPI app where he
reviews payment request
 Payer then decides to click on accept or decline
 In case of accept payment, payer will enter UPI PINto authorize the
transaction
 Transaction complete, payer gets successful or decline transaction
notification
 Payee/requester gets notification and SMS from bank for credit of his bank
account
7. Debit cards and credit cards
A debit card (also known as a bank card or check card) is a plastic payment card that
can be used instead of cash , the money is deducted from your checking account.
With a credit card, you're borrowing money to be repaid later.
Presently, there are over 61,000 ATMs in India. There are over five lakh POS
terminals in the country, which enable customers to make payments for purchases
of goods and services by means of credit/debit cards. To facilitate customer
convenience the Bank has also permitted cash withdrawal using debit cards issued
by the banks at PoS terminals.
How it works?
Step 1: The customer pays with Mastercard

The customer purchases goods/services from a merchant.
Step 2: The payment is authenticated
The merchant point-of-sale system captures the customer’s account information and
securely sends it to the acquirer.
Step 3: The transaction is submitted
The merchant acquirer asks Mastercard to get an authorisation from the customer’s
issuing bank.
Step 4: Authorisation is requested
Mastercard submits the transaction to the issuer for authorisation.
Step 5: Authorisation response
The issuing bank authorises the transaction and routes the response back to the
merchant.
Step 6: Merchant payment
The issuing bank routes the payment to the merchant’s acquirer who deposits the
payment into the merchant’s account.

8. Mobile banking
Mobile banking refers to the use of a smartphone or other cellular device to perform
online banking tasks while away from your home computer, such as monitoring
account balances, transferring funds between accounts, bill payment and locating an
ATM.
How it works ?

9. AEPS
AePS is a bank led model which allows online interoperable financial inclusion
transaction at PoS (MicroATM) through the Business correspondent of any bank
using the Aadhaar authentication
BHIM Aadhaar Pay is meant for merchants to receive digital payments from
customers over the counter through Aadhaar authentication. It allows for any
merchant associated with any acquiring bank on BHIM Aadhaar Pay service, to allow
the merchant to accept payment from a customer of any bank, by authenticating the
customer’s biometrics – currently only fingerprints, directly from the customer’s
Aadhaar enabled bank account and receive the sale proceeds instantaneously
directly into merchant’s own bank account.
10. PPI
Pre-paid Payment Instruments (PPIs) are payment instruments that facilitate

transactions like purchase of goods and services, including funds transfer, against the
value stored on such instruments. The value stored on PPIs represents the value paid
by the holders by cash through a bank account etc. There are large variety of PPIs
including smart cards, magnetic stripe cards, internet accounts, internet wallets or

digital wallets, mobile accounts, mobile wallets, paper vouchers and any such
instrument which can be used to access the pre-paid amount.
How it works?
11. BHIM
Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and
quick payment transactions using Unified Payments Interface (UPI). You can make
instant bank-to-bank payments and Pay and collect money using just Mobile number
or Virtual Payment Address (UPI ID).

12.*99# USSD based product
Conceptualized as a mobile application based solution primarily catering to internet

compatible phones ( smart-phone users) , UPI is now available for non-internet based
mobile devices ( smartphone as well as basic phones ) in the form of dialing option (*99# )
and is known as USSD 2.0 .This functionality i.e. USSD 2.0 is launched along with BHIM on
30th December 2016.
*99# service has been launched to take the banking services to every common man across
the country. Banking customers can avail this service by dialing *99#, a “Common number
across all Telecom Service Providers (TSPs)” on their mobile phone and transact through an
interactive menu displayed on the mobile screen. Key services offered under *99# service
include, Sending and Receiving interbank account to account funds, balance enquiry, setting
/ changing UPI PIN besides host of other services. *99# service is currently offered by 41
leading banks & all GSM service providers and can be accessed in 13 different languages
including Hindi & English. *99# service is a unique interoperable direct to consumer service
that brings together the diverse ecosystem partners such as Banks & TSPs (Telecom Service
Providers).

CHAPTER -3
OBJECTIVES

LITERATURE REVIEW
MPA Shendge (April, 2017) in their research paper “Impact and

importance of cashless transactions in india” focuses on meaning of
cashless transactions and analyze the future trend in cashless
transaction.
Aishwarya Krishnan (Nov, 2017) in her article “demonetization:

decoding the effects of Indian currency notes ban” described about the
demonetization in india and what were the objectives behind it and how
it affected the Indian economy.
Civilsdaily in their article “cashless society- digital payments,

demonetization” focused on cashless economy and challenges in making
india a cashless economy and described about the steps taken by RBI
and government in encouraging use of cashless transactions.
JUSTIFICATION OF PROJECT TITLE:
There have been various researches done on the topic impact of

demonetization on cashless economy as one of the major objectives of
demonetization was to promote cashless transactions but, it depends on
various factors as awareness regarding cashless payment methods
among the population

This made some of the researchers to make research on whether there

is increase or decrease in usage of cashless transactions after
demonetization
OBJECTIVES
PRIMARY OBJECTIVE
A study of trend in various modes of cashless transactions before and

after demonetization.
SECONDARY OBJECTIVES
 To study various cashless payment methods and how it works

 To compare trends in banking modes of cashless transactions.
 To study the effect on banking modes of cashless transactions
before and after demonetization.
 To compare trends in personal modes of cashless transactions
 To study the effect on personal modes of cashless transactions
before and after demonetization

CHAPTER -4
RESEARCH
METHODOLOGY

RESEARCH DESIGN
I have used descriptive research design for the purpose of describe the current state
and trend of cashless transaction. I also analysed all modes of cashless transaction
on monthly and yearly bases to get a clear idea about the modes of payments before
and after demonetization.
DATA COLLECTION
I have used secondary data collection method and gathered information from
various websites, research papers, articles and journals as the secondary source.
The various authorities used for data collection are:
 RESERVE BANK OF INDIA

 NATIONAL PAYMENT CORPORATION OF INDIA
 Different banks website
DATA ANALYSIS
1. Graphical method
2. Various charts
3. Tables
4. Trend analysis
5. T- Test
6. F- Test
LIMITATIONS:
 This study is limited to my knowledge about the concerned topic and thus it
may not represent the in depth study.
 The study is made on the modes of cashless transaction for a particular
period of time i.e transactions of year 2016-17
I, being a student, and not having expertise in research field, may lack certain
conceptual clarity.

SCOPE FOR FUTURE STUDY
 The study can be done for those payment methods in later period which are
launched after demonetization to compare on yearly basis to know its trend
 The study can be expanded for larger period of time.

CHAPTER – 5
FINDINGS AND
ANALYSIS

ANALYSIS
The analysis of various modes of cashless transactions is done on a two

bases the first one is on volume which means that number of
transactions which was taken place at the given point of time and
second one is on the bases of value which means that amount of
transactions at a given point of time.
The analysis of different modes of cashless transactions is done on bases

of monthly data comparing two years
1. REAL TIME GROSS SETTLEMENT (RTGS)
Sr. no. Month No. of Absolute % change in VALUE Absolute % change in

according transactions(volume) change in volume (billion ) change in value
to graph volume value
2016
1 Jan 8220044 66517.70
2 Feb 8223609 3565 0.0433695 70341.90 3824.2 5.749146
3 March 9864091 1640482 19.948443 100045.36 29703.46 42.227264
4 April 8325513 -1538578 -15.59776 68411.27 -31634.09 -31.619747
5 May 8703795 378282 4.543647 76332.58 7921.31 11.578954

6 June 8828509 124714 1.432869 83834.94 7502.36 9.828516
7 July 8254641 -573868 -6.500168 74919.55 -8915.39 -10.634456
8 August 8557454 302813 3.668396 77588.32 2668.77 3.562181
9 Sep 8467531 -89923 -1.050814 86687.35 9099.03 11.727319
10 Oct 9006720 539189 6.367723 76473.29 -10214.06 -11.782641
11 Nov 7874669 -1132051 -12.568959 78479.19 2005.9 2.623007
12 Dec 8840374 965705 12.263436 84096.48 5617.29 7.157680
2017
13 Jan 9330505 490131 5.544233 77486.07 -6610.41 -7.860507

14 Feb 9104185 -226320 -2.425592 74218.8 -3267.27 -4.21659

15 March 12538081 3433896 37.71777 123375.8 49157 66.23254
16 April 9543080 -2995001 23.887236 88512.2 -34863.6 -28.2581

17 May 10432997 889917 9.325259 90170.5 1658.3 1.873527
18 June 9828299 -604698 -5.79601 92812.6 2642.1 2.930116
19 July 9380015 -448284 -4.56116 87149.3 -5663.3 -6.10187
20 Aug 9455952 75937 0.809562 89163.4 2014.1 2.311091
21 Sep 9606041 150089 1.587244 102348.1 13184.7 14.78712

22 Oct 9999427 393386 4.095194 92056.1 -10292 -10.0559
23 Nov 10825229 825802 8.258493 98410.5 6354.4 6.902747
24 Dec 10892992 67763 0.625973 100907.8 2497.3 2.537636
No. of transactions (volume)
14000000
12000000
10000000
8000000
Series1
6000000
4000000
2000000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Amount of transactions (value in rs. Billion)
140000
120000
100000
80000
Series2
60000
40000
20000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation:
From the analysis and graph it can be observed that number of transactions and
amount of transactions are not stable. After demonetization there was slow growth
due to low awareness, after some period high growth can be observed.
F test and T test analysis on RTGS:
a. F test and T test of volume of RTGS
BEFORE DEMONETIZATION AFTER DEMONETIZATION

Month Volume(million) in 2016 Volume(million) in 2017
Jan 8.2 9.3
Feb 8.2 9.1
March 9.9 12.5

April 8.3 9.5
May 8.7 10.4
June 8.8 9.8

July 8.3 9.4
Aug 8.6 9.5

Sep 8.5 9.6
Oct 9.00 10.0
Nov 7.9 10.8
Dec 10.9
 HYPOTHESIS FOR F TEST
H₀: there are equal variances in volume of RTGS before demonetization (2016) and
after demonetization (2017)
μ₁ = μ₂
H₁: there are unequal variances in volume of RTGS before demonetization (2016) and
μ₁ ≠ μ₂
RESULT
Variable 1 Variable 2
N 11 12
Mean 8.5818 10.0667
Std. deviation 0.53818 0.96138
F value 2.705
P value 0.115
INTERPRETATION
As P value is greater than 0.05 we will accept the null hypothesis and there are equal
variances between volume of RTGS before and after demonetization.

 HYPOTHESIS FOR T-TEST
H₀: there is no significant change in volume of RTGS before(2016) and after(2017)

demonetization .
μ₁ ≠ μ₂
H₁: there is significant increase in volume of RTGS after demonetization(2017) as

compared to before demonetization(2016)
μ₁ ≤ μ₂
RESULT
N 11 12
Mean 8.5818 10.0667
Df 21
Mean difference -1.48485
T value(one tail) -4.510
P value 0.000
INTERPRETATION
As p value is less than 0.025 we will reject the null hypothesis and accept the
alternative so there is significant increase in volume of RTGS in 2017 as compared to
2016. This shows that due to demonetization RTGS transactions have been
increasing.

b. F test and T test of value of RTGS

Month Value(billion) in 2016 Value(billion) in 2017
Jan 66517.70 77486.07
Feb 70341.90 74218.8

March 100045.36 123375.8
April 68411.27 88512.2
May 76332.58 90170.5

June 83834.94 92812.6
July 74919.55 87149.3
Aug 77588.32 89163.4
Sep 86687.35 102348.1
Oct 76473.29 92056.1
Nov 78479.19 98410.5
Dec 100907.8
H₀: there are equal variances in value of RTGS before demonetization (2016) and
H₁: there are unequal variances in value of RTGS before demonetization (2016) and
RESULT
N 11 12
Mean 78148.3136 93050.9308

Std. deviation 9448.30867 12696.77860

F value 0.457
P value 0.506
INTERPRETATION
variances between value of RTGS before and after demonetization.
H₀: there is no significant change in value of RTGS before(2016) and after(2017)

demonetization.
H₁: there is significant increase in value of RTGS after demonetization(2017) as

RESULT
N 11 12
Mean 78148.3136 93050.9308
Std. deviation 9448.30867 12696.77860
Df 21
P value 0.025
INTERPRETATION
As p value is equal to 0.025 we will reject the null hypothesis and accept the
alternative so there is significant increase in value of RTGS in 2017 as compared to
2016.

2. NATIONAL ELECTRONIC FUND TRANSFER SYSTEM

(NEFT)
Sr. no. Month No. of Absolute % change in VALUE Absolute % change

transactions change in volume (in rs. change in in value
(volume in volume Billion) value
millions)
2016
1 Jan 118.97 7086.75
2 Feb 110.17 -8.8 -7.39682273 7278.6 191.85 2.707165
3 March 129.24 19.07 17.30961242 10226.36 2947.76 40.499
4 April 111.84 -17.4 -13.463324 8324.52 -1901.84 -18.5974
5 May 117.5 5.66 5.060801144 7732.54 -591.98 -7.11128
6 June 118.29 0.79 0.672340426 8815.31 1082.77 14.00277
7 July 113.48 -4.81 -4.06627779 8145.39 -669.92 -7.59951
8 August 118.56 5.08 4.476559746 8764.14 618.75 7.596321
9 Sep 120.15 1.59 1.341093117 9880.17 1116.03 12.73405
10 Oct 133.21 13.06 10.86974615 9504.5 -375.67 -3.80226
11 Nov 123.0 -10.2 -7.63185647 8807.8 -696.7 -7.32984
12 Dec 166.3 43.3 35.1609922 11537.6 2729.8 30.99283
2017
13 Jan 164.2 -2.1 -1.27422812 11355.1 -182.6 -1.58228
14 Feb 148.2 -16.0 -9.73419917 10877.9 -477.2 -4.20222
15 March 186.7 38.5 25.97610711 16294.5 5416.6 49.79441
16 April 143.2 -43.5 -23.3172165 12156.2 -4138.3 -25.3971
17 May 155.8 12.7 8.836294523 12410.8 254.6 2.094734
18 June 152.3 -3.5 -2.23235185 12694.2 283.4 2.283385
19 July 148.1 -4.2 -2.75901312 12011.6 -682.6 -5.37725
20 Aug 151.6 3.5 2.340310191 12500.4 488.8 4.069226
21 Sep 157.7 6.1 4.000736094 14182.1 1681.8 13.4537
22 Oct 158.8 1.1 0.703555768 13851.3 -330.9 -2.33296
23 Nov 162.0 3.2 2.007854957 13884.0 32.7 0.236229
24 Dec 169.0 7.1 4.372109284 15779.2 1895.2 13.65027

No of transactions (volume in million)
200
180
160
140
120
100
Series1
80
60
40
20
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Amount of transactions(value in rs. Billion)
18000
16000
14000
12000
10000
Series2
8000
6000
4000
2000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that amount and number of transactions of
NEFT is also not stable but there is increase in the use of NEFT which is less costly as
compared to RTGS.

F TEST and T TEST analysis on NEFT:
a. F test and T test on volume of NEFT

Jan 118.97 164.2

Feb 110.17 148.2
March 129.24 186.7
April 111.84 143.2
May 117.5 155.8
June 118.29 152.3
July 113.48 148.1
Aug 118.56 151.6
Sep 120.15 157.7
Oct 133.21 158.8
Nov 123.0 162.0
Dec 169.0
H₀: there are equal variances in volume of NEFT before demonetization (2016) and
H₁: there are unequal variances in volume of NEFT before demonetization (2016) and

RESULT
Variable 1 Varialble 2
N 11 12
Mean 119.4918 158.1333
Std. deviation 6.95771 11.64250
F value 1.534
P value 0.229
INTERPRETATION
variances between volume of NEFT before and after demonetization.
H₀: there is no significant change in volume of NEFT before(2016) and after(2017)

demonetization .
H₁: there is significant increase in volume of NEFT after demonetization(2017) as

RESULT
N 11 12
Mean 119.4918 158.1333
Std. deviation 6.95771 11.64250
Df 21
P value 0.000

INTERPRETATION
alternative so there is significant increase in volume of NEFT in 2017 as compared to
2016.
b. F test and T test on value of NEFT

Month Value (rs. Billion) in 2016 Value ( rs. Billion)in 2017
Jan 7086.75 11355.1

Feb 7278.6 10877.9
March 10226.36 16294.5
April 8324.52 12156.2
May 7732.54 12410.8
June 8815.31 12694.2
July 8145.39 12011.6
Aug 8764.14 12500.4
Sep 9880.17 14182.1
Oct 9504.5 13851.3
Nov 8807.8 13884.0
Dec 15779.2
H₀: there are equal variances in value of NEFT before demonetization (2016) and
H₁: there are unequal variances in value of NEFT before demonetization (2016) and

RESULT
N 11 12
Mean 8596.9164 13166.4417
Std. deviation 1014.36920 1671.60742
F value 3.181
P value 0.089
INTERPRETATION
As p value is greater than 0.05 we will accept the null hypothesis and there are equal
variances in value of NEFT before demonetization and after demonetization.
H₀: there is no significant change in value of NEFT before(2016) and after(2017)

demonetization .
H₁: there is significant increase in value of NEFT after demonetization(2017) as


RESULT
N 11 12
Mean 8596.9164 13166.4417
Std. deviation 1014.36920 1671.60742
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in value of NEFT in 2017 as compared to
2016.
3. CHEQUE TRUNCATION SYSTEM (CTS)
Sr. Month No. of Absolute % change in VALUE Absolute %

no. transactions change in volume (in lakhs) change in change
(volume in volume value in value
lakhs)
2016
1 Jan 775.75 55,462,607.35
2 Feb 780.06 4.31 0.555591363 59,466,075.83 4,003,468.48 7.21832
3 March 882.37 102.31 13.11565777 69,284,986.76 9,818,910.93 16.5117
4 April 789.47 -92.9 -10.5284631 62,576,224.20 -6,708,762.56 -9.68285
5 May 772.43 -17.04 -2.15841007 57,848,696.50 -4,727,527.70 -7.55483
6 June 786.4 13.97 1.808578124 57,344,955.73 -503,740.77 -0.87079
7 July 792.44 6.04 0.768056968 57,165,922.51 -179,033.22 -0.3122
8 August 816.22 23.78 3.000858109 59,246,597.09 2,080,674.58 3.63971

9 Sep 789.36 -26.86 -3.29077944 57,365,651.28 -1,880,945.81 -3.17477

10 Oct 820.39 31.03 3.931032735 59,741,381.98 2,375,730.70 4.14138
11 Nov 870.75 50.36 6.138543863 54,122,005.67 -5,619,376.31 -9.40617
12 Dec 1300.36 429.61 49.33792707 68,119,085.73 13,997,080.06 25.8620
2017 0.00
13 Jan 1184.53 -115.83 -8.91 66,184,014.39 -1,935,071.34 -2.84072
14 Feb 1004.42 -180.11 -15.2051868 59,939,469.38 -6,244,545.01 -9.43513
15 March 1192.04 187.62 18.67943689 80,627,699.35 20,688,229.97 34.5152
16 April 952.56 -239.48 -20.0899298 69,906,468.60 -10,721,230.7 -13.2972
17 May 970.75 18.19 1.909590997 67,458,916.58 -2,447,552.02 -3.50118
18 June 918.53 -52.22 -5.37934586 64,099,489.93 -3,359,426.65 -4.97996
19 July 921.99 3.46 0.37668884 63,424,999.12 -674,490.81 -1.05226
20 Aug 920.44 -1.55 -0.16811462 62,243,411.32 -1,181,587.80 -1.86297
21 Sep 1382.31 461.87 50.17926209 94,072,895.37 31,829,484.05 51.1371
22 Oct -
944.33 -437.98 -31.6846438 63,401,631.84 30,671,263.53 -32.6037
23 Nov 962.96 18.63 1.972827296 66,339,392.32 2,937,760.48 4.63357
24 Dec 945.72 -17.24 -1.79031320 65,639,670.42 -699,721.90 -1.05476
Jan 18 967.12 21.40 2.262826206 67,925,994.63 2,286,324.21 3.48314
No. of transactions of CTS (volume in lakhs)
1600
1400
1200
1000
800
Series1
600
400
200
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Amount of transactions of CTS (value in rs. lakhs)
100,000,000.00
90,000,000.00
80,000,000.00
70,000,000.00
60,000,000.00
50,000,000.00
Series2
40,000,000.00
30,000,000.00
20,000,000.00
10,000,000.00
0.00
1 3 5 7 9 11 13 15 17 19 21 23
Interpretation
From the data analysis and graph it can be observed that there is high increasing
trend in usage of CTS after demonetization but at the end of 2017 there seems
decreasing trend in the number and amount of transactions
F TEST and T TEST analysis on CTS:
a. F test and T test on volume of CTS

Jan 77.6 118.5

Feb 78.0 100.4
March 88.2 119.2
April 78.9 95.3
May 77.2 97.1

June 78.6 91.9

July 79.2 92.2
Aug 81.6 92.0
Sep 78.9 138.2
Oct 82.0 94.4
Nov 87.1 96.3
Dec 94.6
H₀: there are equal variances in volume of CTS before demonetization (2016) and
H₁: there are unequal variances in volume of CTS before demonetization (2016) and
RESULT
N 11 12
Mean 80.6636 102.5083
Std. deviation 3.76810 14.74002
F value 9.788
P value 0.05
INTERPRETATION
As p value is equal to 0.05 we will accept the null hypothesis and reject the
alternative so there are equal variances in volume of CTS before and after
demonetization

H₀: there is no significant change in volume of CTS before(2016) and after(2017)

demonetization .
H₁: there is significant increase in volume of CTS after demonetization(2017) as

RESULT
N 11 12
Mean 80.6636 102.5083
Std. deviation 3.76810 14.74002
Df 21
P value 0.000
INTERPRETATION
As p value is less than 0.025 we will reject the null hypothesis so there is significant
increase in the value of CTS in 2017 as compared to 2016
b. F test and T test on value of CTS

Month Value (rs. Billion) in 2016 Value ( rs. Billion)in 2017
Jan 5546.3 6618.4

Feb 5946.6 5993.9

March 6928.5 8062.8

April 6257.6 6990.6
May 5784.9 6745.9
June 5734.5 6409.9
July 5716.6 6342.5
Aug 5924.7 6224.3
Sep 5736.6 9407.3
Oct 5974.1 6340.2
Nov 5412.2 6633.9
Dec 6564.0
H₀: there are equal variances in value of CTS before demonetization (2016) and after
demonetization (2017)
H₁: there are unequal variances in value of CTS before demonetization (2016) and
RESULT
N 11 12
Mean 5905.6909 6861.1417
Std. deviation 407.14029 956.19817
F value 2.849
P value 0.106
INTERPRETATION

variances in value of CTS before demonetization and after demonetization.
H₀: there is no significant change in value of CTS before(2016) and after(2017)

demonetization .
H₁: there is significant increase in value of CTS after demonetization(2017) as

RESULT
N 11 12
Mean 5905.6909 6861.1417
Std. deviation 407.14029 956.19817
Df 21
P value 0.003
INTERPRETATION
alternative so there is significant increase in value of CTS in 2017 as compared to
2016.

4. IMMEDIATE PAYMENT SERVICE (IMPS)
Sr. Month No. of Absolute % change in VALUE (in Absolute %

no. transactions(volume) change in volume rs. Lakhs) change in change
volume value in value
2016
1 Jan 22,479,320 1,655,922.4
2 Feb 23,802,667 1,323,347.00 5.88695299 1,696,704.2 40,781.82 2.46278
3 March 25,978,302 2,175,635.00 9.14029928 1,987,306.5 290,602.27 17.1274
4 April 26,779,888 801,586.00 3.08559813 2,104,429.6 117,123.07 5.89355
5 May 27,661,043 881,155.00 3.29036104 2,161,775.7 57,346.12 2.72502
6 June 29,676,851 2,015,808.00 7.28753431 2,371,651.6 209,875.90 9.70849
7 July 32,180,234 2,503,383.00 8.43547383 2,561,697.0 190,045.35 8.01320
8 August 33,889,619 1,709,385.00 5.31190979 2,684,885.6 123,188.67 4.80887
9 Sep 35,925,916 2,036,297.00 6.00861579 2,891,176.9 206,291.24 7.68342
10 Oct 42,110,441 6,184,525.00 17.214662 3,437,115.4 545,938.57 18.8829
11 Nov 36,169,574 -5,940,867.0 -14.107824 3,248,052.9 -189,062.58 -5.50062
12 Dec 52,856,997 16,687,423.0 46.1366313 4,320,069.5 1,072,016.6 33.0049
2017
13 Jan 62,426,002 9,569,005.00 18.1035729 4,912,559.5 592,490.00 0.13714
14 Feb 59,748,225 -2,677,777.0 -4.2895218 4,822,128.8 -90,430.77 -1.84081
15 March 54,176,216 -5,572,009.0 -9.3258151 5,646,800.0 824,671.20 17.1018
16 April 65,081,345 10,905,129.0 20.1289972 5,620,500.0 -26,300.00 -0.46575
17 May 66,716,726 1,635,381.00 2.51282606 5,855,900.0 235,400.00 4.18823
18 June 65,843,324 -873,402.00 -1.3091199 5,965,500.0 109,600.00 1.87161
19 July 69,071,791 3,228,467.00 4.9032564 6,047,600.0 82,100.00 1.37624
20 Aug 75,660,020 6,588,229.00 9.53823392 6,515,000.0 467,400.00 7.72868
21 Sep 82,615,646 6,955,626.00 9.19326482 7,176,000.0 661,000.00 10.1458
22 Oct 88,122,215 5,506,569.00 6.6652859 7,503,000.0 327,000.00 4.55685
23 Nov 89,488,882 1,366,667.00 1.55087681 7,825,800.0 322,800.00 4.30227
24 Dec 98,006,169 8,517,287.00 9.51770411 8,710,600.0 884,800.00 11.3061
Jan 18 995,91,901 1,585,732 1.61799203 88,21,400.0 110,800.00 1.27201

No. of transactions(volume) of IMPS
120,000,000
100,000,000
80,000,000
60,000,000
Series1
40,000,000
20,000,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Amount of transactions (value in rs. Lakhs) of IMPS
10,000,000.00
9,000,000.00
8,000,000.00
7,000,000.00
6,000,000.00
5,000,000.00
Series2
4,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
0.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is continuous increase in
the number and amount of transactions of IMPS and concluded that demonetization
has effected for increasing trend in transactions

F TEST and T TEST analysis on IMPS:
a. F test and T test on volume of IMPS

Month Volume(million) in 2016 Volume (million) in 2017
Jan 22.5 62.4

Feb 23.8 59.7
March 26.0 54.2
April 26.8 65.1
May 27.7 66.7
June 29.7 65.8
July 32.2 69.1
Aug 33.9 75.7
Sep 35.9 82.6
Oct 42.1 88.1
Nov 36.2 89.5
Dec 98.0
H₀: there are equal variances in volume of IMPS before demonetization (2016) and
H₁: there are unequal variances in volume of IMPS before demonetization (2016) and

RESULT
Variable 1 variable 2
N 11 12
Mean 30.6182 73.0750
Std. deviation 6.01512 13.60642
F value 8.958
P value 0.007
INTERPRETATION
alternative so there are unequal variances in volume of IMPS before and after
demonetization so it will be further analysed by ttest to know whether there is
significant increase or not
H₀: there is no significant change in volume of IMPS before(2016) and after(2017)

demonetization .
H₁: there is significant increase in volume of IMPS after demonetization(2017) as

RESULT
N 11 12
Mean 30.6182 73.0750
Std. deviation 6.01512 13.60642
Df 21
P value 0.000

INTERPRETATION
alternative so there significant increase in the volume of IMPS in 2017 as compared
to 2016
b. F test and T test on value of IMPS

Month Value (in rs. Billion) 2016 Value (in rs. Billion) 2017
Jan 165.6 491.3

Feb 169.7 482.2
March 198.7 564.7
April 210.4 562.1
May 216.2 585.6
June 237.2 596.6
July 256.2 604.8
Aug 268.5 651.5
Sep 289.1 717.6
Oct 343.7 750.3
Nov 324.8 782.6
Dec 871.0
H₀: there are equal variances in value of IMPS before demonetization (2016) and
H₁: there are unequal variances in value of IMPS before demonetization (2016) and

RESULT
N 11 12
Mean 243.6455 638.3583
Std. deviation 59.09114 119.39869
F value 5.349
P value 0.031
INTERPRETATION
As p value is less than 0.05 we will reject the null hypothesis and there are unequal
variances in value of IMPS before demonetization and after demonetization.
H₀: there is no significant change in value of IMPS before(2016) and after(2017)

demonetization.
H₁: there is significant increase in value of IMPS after demonetization(2017) as

RESULT
N 11 12
Mean 243.6455 638.3583
Std. deviation 59.09114 119.39869
Df 21

P value 0.000
INTERPRETATION
alternative so there is significant increase in value of IMPS in 2017 as compared to
2016.
5. NATIONAL AUTOMATED CLEARING HOUSE (NACH)
Sr. Month No. of Absolute % change VALUE Absolute % change

no. transactions change in volume (in rs. change in in value
(volume in in Billion) value
million) volume
2016
1 Jan 129.1 417.4
2 Feb 167.4 38.3 29.68613 501.6 84.3 20.18802
3 March 154.7 -12.7 -7.58087 434.2 -67.4 -13.44
4 April 168.3 13.6 8.824069 544.5 110.3 25.41107
5 May 154.4 -14.0 -8.3045 530.3 -14.2 -2.60716
6 June 160.2 5.9 3.810643 516.6 -13.7 -2.58967
7 July 182.7 22.5 14.02228 589.0 72.3 14.00457
8 August 147.2 -35.5 -19.4185 637.5 48.5 8.240729
9 Sep 151 3.6 2.463617 543.15 -94.3 -14.7985
10 Oct 162.9 12.0 7.981763 718.9 175.8 32.36107
11 Nov 152.5 -10.4 -6.3805 606.6 -112.3 -15.6207
12 Dec 198.7 46.2 30.3061 626.8 20.1 3.320033
2017
13 Jan 158.7 -40.0 -20.1207 541.4 -85.4 -13.625
14 Feb 150.5 -8.3 -5.22135 592.0 50.7 9.358643
15 March 182.1 31.7 21.04745 829.4 237.3 40.08962
16 April 212.6 30.5 16.75338 905.2 75.8 9.137156
17 May 194.4 -18.3 -8.58914 692.4 -212.8 -23.5073
18 June 197.3 3.0 1.518556 708.6 16.3 2.349475

19 July 204.3 7.0 3.528807 771.7 63.1 8.904989

20 Aug 205.2 0.9 0.445282 752.4 -19.3 -2.5055
21 Sep 176.0 -29.2 -14.2451 628.4 -124.0 -16.4834
22 Oct 187.0 11.1 6.294813 900.5 272.1 43.2983
23 Nov 197.5 10.5 5.590154 724.1 -176.3 -19.5815
24 Dec 183.0 -14.5 -7.34667 714.0 -10.1 -1.39907
Jan 18 208.1 25.1 13.72054 727.7 13.7 1.918341
No. of transactions (volume in million) of NACH
250.0
200.0
150.0
Series1
100.0
50.0
0.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Amount of transactions (value in rs billion) of NACH

1000.0
900.0
800.0
700.0
600.0
500.0
Series2
400.0
300.0
200.0
100.0
0.0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is high volatility in both number
and amount of transactions after demonetization for the usage of NACH, so it can be
concluded that it is not stable.
F TEST and T TEST analysis on NACH:
a. F test and T test on volume of NACH

Jan 129.1 158.7

Feb 167.4 150.5
March 154.7 182.1
April 168.3 212.6
May 154.4 194.4
June 160.2 197.3
July 182.7 204.3
Aug 147.2 205.2
Sep 151 176.0

Oct 162.9 187.0

Nov 152.5 197.5
Dec 183.0
H₀: there are equal variances in volume of NACH before demonetization (2016) and
H₁: there are unequal variances in volume of NACH before demonetization (2016)
and after demonetization (2017)
RESULT
N 11 12
Mean 157.3091 187.3833
Std. deviation 13.72257 18.70677
F value 1.160
P value 0.294
INTERPRETATION
As p value is greater than 0.05 we will accept the null hypothesis and reject the
alternative so there are equal variances in volume of NACH before and after
demonetization
H₀: there is no significant change in volume of NACH before(2016) and after(2017)

demonetization .
H₁: there is significant increase in volume of NACH after demonetization(2017) as


RESULT
N 11 12
Mean 157.3091 187.3833
Std. deviation 13.72257 18.70677
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in the volume of NACH in 2017 as
compared to 2016.
b. F test and T test on value of NACH
BEFORE DEMONETIZATION AFTER DMONETIZATION

Jan 417.4 541.4

Feb 501.6 592.0
March 434.2 829.4
April 544.5 905.2
May 530.3 692.4
June 516.6 708.6
July 589.0 771.7
Aug 637.5 752.4
Sep 543.15 628.4
Oct 718.9 900.5

Nov 606.6 724.1

Dec 714.0
H₀: there are equal variances in value of NACH before demonetization (2016) and
H₁: there are unequal variances in value of NACH before demonetization (2016) and
RESULT
N 11 12
Mean 549.0682 730.0083
Std. deviation 87.07138 112.40566
F value 0.596
P value 0.449
INTERPRETATION
variances in value of NACH before demonetization and after demonetization.
H₀: there is no significant change in value of NACH before(2016) and after(2017)

demonetization .

H₁: there is significant increase in value of NACH after demonetization(2017) as

RESULT
N 11 12
Mean 549.0682 730.0083
Std. deviation 87.07138 112.40566
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in value of NACH in 2017 as compared to
2016
6. DEBIT AND CREDIT CARDS AT POS
Sr. Month No. of Absolute % change VALUE Absolute %

no. transactions change in (in rs. change change
(volume in in volume Billion) in value in value
millions) volume
2016
1 Jan 179.56 332.31
2 Feb 172.1 -7.46 -4.1546 336.05 3.74 1.125455
3 March 185.09 12.99 7.547937 361.57 25.52 7.594108
4 April 190.98 5.89 3.182236 374.72 13.15 3.636917
5 May 211.64 20.66 10.81789 402.3 27.58 7.360162

6 June 194.51 -17.13 -8.09393 394.57 -7.73 -1.92145

7 July 208.51 14 7.197573 414.33 19.76 5.007983
8 August 214.49 5.98 2.867968 441.15 26.82 6.473101
9 Sep 203.12 -11.37 -5.30095 401.3 -39.85 -9.03321
10 Oct 229.45 26.33 12.96278 518.83 117.53 29.28732
11 Nov 332.39 102.94 44.8638 579.09 60.26 11.61459
12 Dec 531.54 199.15 59.91456 891.8 312.71 54.00024
2017
13 Jan 441.42 -90.12 -16.9545 817.12 -74.68 -8.37407
14 Feb 346.41 -95.01 -21.5237 642.86 -174.26 -21.3261
15 March 378.78 32.37 9.344418 690.89 48.03 7.4713
16 April 374.58 -4.2 -1.10882 706.25 15.36 2.223219
17 May 382.84 8.26 2.205136 736.49 30.24 4.28177
18 June 364.13 -18.71 -4.88716 730.07 -6.42 -0.8717
19 July 366.37 2.24 0.615165 684.98 -45.09 -6.17612
20 Aug 380.78 14.41 3.933182 717.12 32.14 4.692108
21 Sep 377.93 -2.85 -0.74846 740.94 23.82 3.32162
22 Oct 401.76 23.83 6.3054 828.08 87.14 11.76074
23 Nov 386.68 -15.08 -3.75348 757.79 -70.29 -8.48831
24 Dec 414.06 27.38 7.08079 823.11 65.32 8.619802
No. of transactions (volume in million)

600
500
400
300
Series1
200
100
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
1000
900
800
700
600
500
Series2
400
300
200
100
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From analysis and graph it can be observed that there is only one major push in the usage of
debit and credit cards at POS due to demonetization after that there was increase in the
number and amount of transactions but at the same rate as it was before demonetization.
F TEST and T TEST analysis on debit and credit cards at pos:
a. F test and T test on volume of debit and credit cards at POS


Jan 179.56 441.42

Feb 172.1 346.41
March 185.09 378.78
April 190.98 374.58
May 211.64 382.84
June 194.51 364.13
July 208.51 366.37
Aug 214.49 380.78
Sep 203.12 377.93
Oct 229.45 401.76
Nov 332.39 386.68
Dec 414.06
H₀: there are equal variances in volume of debit and credit card at POS before
demonetization (2016) and after demonetization (2017)
H₁: there are unequal variances in volume of debit and credit cards at POS before
RESULT
N 11 12
Mean 211.0764 384.6450
Std. deviation 43.59184 24.86592
F value 0.605

P value 0.445
INTERPRETATION
alternative so there are equal variances in volume of debit and credit cards at POS
H₀: there is no significant change in volume of debit and credit cards at POS
before(2016) and after(2017) demonetization .
H₁: there is significant increase in volume of debit and credit cards at POS after
demonetization(2017) as compared to before demonetization(2016)
RESULT
N 11 12
Mean 211.0764 384.6450
Std. deviation 43.59184 24.86592
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in the volume of debit and credit cards at
POS in 2017 as compared to 2016
b. F test and T test on value of debit and credit cards at POS

BEFORE DEMONETIZATION AFTER DEMONETIZATON

Jan 332.31 817.12

Feb 336.05 642.86
March 361.57 690.89
April 374.72 706.25
May 402.3 736.49
June 394.57 730.07
July 414.33 684.98
Aug 441.15 717.12
Sep 401.3 740.94
Oct 518.83 828.08
Nov 579.09 757.79
Dec 823.11
H₀: there are equal variances in value of debit and credit cards at POS before
H₁: there are unequal variances in value of debit and credit cards at POS before
RESULT
N 11 12
Mean 414.2018 739.6417
Std. deviation 75.29795 58.44579

F value 0.262
P value 0.614
INTERPRETATION
As p value is greater than 0.05 we will accept the null hypothesis and there are
equal variances in value of debit and credit cards at POS before demonetization and
after demonetization.
H₀: there is no significant change in value of debit and credit cards at POS
H₁: there is significant increase in value of debit and credit cards at POS after
RESULT
N 11 12
Mean 414.2018 739.6417
Std. deviation 75.29795 58.44579
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in value of debit and credit cards at POS in
2017 as compared to 2016

7. DEBIT AND CREDIT CARDS AT ATM
Sr. Month No. of transactions Absolute % change VALUE Absolute % change

no. (volume in millions) change in in volume (in rs. Billion) change in in value
volume value
2016
1 Jan 708.18 2184.54
2 Feb 692.29 -15.89 -2.24378 2132.74 -51.8 -2.37121
3 March 732.33 40.04 5.783703 2210.99 78.25 3.668989
4 April 727.07 -5.26 -0.71826 2254.19 43.2 1.953876
5 May 730.17 3.1 0.426369 2313.08 58.89 2.612468
6 June 732.76 2.59 0.354712 2207.34 -105.74 -4.57139
7 July 752.74 19.98 2.726677 2194.57 -12.77 -0.57852
8 August 757.33 4.59 0.609772 2199.48 4.91 0.223734
9 Sep 742.73 -14.6 -1.92783 2222.61 23.13 1.051612
10 Oct 802.68 59.95 8.071574 2550.81 328.2 14.76642
11 Nov 574.39 -228.29 -28.441 1252.97 -1297.84 -50.8795
12 Dec 630.85 56.46 9.829558 850.22 -402.75 -32.1436
2017
13 Jan 712.79 81.94 12.98882 1517.98 667.76 78.53967
14 Feb 692.99 -19.8 -2.77782 1930.26 412.28 27.15978
15 March 710.6 17.61 2.541162 2261.75 331.49 17.17333
16 April 660.8 -49.8 -7.00816 2170.93 -90.82 -4.01547
17 May 656.02 -4.78 -0.72337 2166.53 -4.4 -0.20268
18 June 661.46 5.44 0.829243 2223.53 57 2.630935
19 July 704.52 43.06 6.509842 2273.61 50.08 2.252275
20 Aug 719.07 14.55 2.065236 2356.01 82.4 3.624192
21 Sep 718.51 -0.56 -0.07788 2422.65 66.64 2.828511
22 Oct 742.55 24.04 3.345813 2536.42 113.77 4.696097
23 Nov 732.02 -10.53 -1.41809 2495.92 -40.5 -1.59674
24 Dec 761.03 29.01 3.963006 2636.44 140.52 5.629988

No. of transactions(volume in million)
900
800
700
600
500
400 Series1
300
200
100
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
3000
2500
2000
1500
Series2
1000
500
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From analysis and graph it can be observed that there was fluctuations in the
transactions but overall there no increase in number of transactions after

demonetization and there was decrease in amount of transactions after

demonetization due to available substitutes like UPI, USSD etc
F TEST and T TEST analysis on debit and credit cards at atm:
a. F test and T test on volume of debit and credit cards at ATM

Jan 708.18 712.79

Feb 692.29 692.99
March 732.33 710.6
April 727.07 660.8
May 730.17 656.02
June 732.76 661.46
July 752.74 704.52
Aug 757.33 719.07
Sep 742.73 718.51
Oct 802.68 742.55
Nov 574.39 732.02
Dec 761.03
H₀: there are equal variances in volume of debit and credit cards at ATM before
H₁: there are unequal variances in volume of debit and credit cards at ATM before

RESULT
N 11 12
Mean 722.9700 706.0300
Std. deviation 56.83232 33.21025
F value 0.483
P value 0.495
INTERPRETATION
alternative so there are equal variances in volume of debit and credit cards at ATM
H₀: there is no significant change in volume of debit and credit cards at ATM
H₁: there is significant increase in volume of debit and credit cards at ATM after
RESULT
N 11 12
Mean 722.9700 706.0300
Std. deviation 56.83232 33.21025
Df 21
Mean difference 16.94000
T value(one tail) 0.882

P value 0.194
INTERPRETATION
alternative so there is no significant change in volume of debit and credit cards at
ATM before and after demonetization
b. F test and T test on value of debit and credit cards at POS

Jan 2184.54 1517.98

Feb 2132.74 1930.26
March 2210.99 2261.75
April 2254.19 2170.93
May 2313.08 2166.53
June 2207.34 2223.53
July 2194.57 2273.61
Aug 2199.48 2356.01
Sep 2222.61 2422.65
Oct 2550.81 2536.42
Nov 1252.97 2495.92
Dec 2636.44

H₀: there are equal variances in value of debit and credit cards at ATM before
H₁: there are unequal variances in value of debit and credit cards at ATM before
RESULT
N 11 12
Mean 2156.6655 2249.3358
Std. deviation 319.44936 299.33141
F value 0.144
P value 0.708
INTERPRETATION
alternative so there are equal variances in value of debit and credit cards at ATM
H₀: there is no significant change in value of debit and credit cards at ATM
H₁: there is significant increase in value of debit and credit cards at ATM after

RESULT
N 11 12
Mean 2156.6655 2249.3358
Std. deviation 319.44936 299.33141
Df 21
P value 0.240
INTERPRETATION
alternative so there is no significant change in value of debit and credit cards at POS
8. MOBILE BANKING
Sr. no. Month No. of transactions Absolute % change VALUE Absolute % change
(volume in millions) change in in volume (in rs. change in in value
volume billion) value
2016
1 Jan 42.8 465.21
2 Feb 42.75 -0.05 -0.11682 464.73 -0.48 -0.10318
3 March 48.43 5.68 13.28655 625.01 160.28 34.48884
4 April 48.38 -0.05 -0.10324 519.17 -105.84 -16.9341
5 May 60.76 12.38 25.58909 608.45 89.28 17.19668
6 June 62.52 1.76 2.896643 662.72 54.27 8.919385
7 July 64.44 1.92 3.071017 668.04 5.32 0.802752
8 August 70.05 5.61 8.705773 721.82 53.78 8.050416
9 Sep 73.06 3.01 4.296931 776.88 55.06 7.62794

10 Oct 78.08 5.02 6.871065 1,135.78 358.9 46.19761

11 Nov 85.39 7.31 9.362193 1,374.43 238.65 21.01199
12 Dec 89.61 4.22 4.942031 1,485.83 111.4 8.105178
2017
13 Jan 106.13 16.52 18.43544 1,383.05 -102.78 -6.91735
14 Feb 95.41 -10.72 -10.1008 1,279.93 -103.12 -7.45598
15 March 113.63 18.22 19.09653 1,730.39 450.46 35.19411
16 April 106.27 -7.36 -6.47716 1,612.65 -117.74 -6.80425
17 May 114.26 7.99 7.518585 2,134.20 521.55 32.34118
18 June 115.73 1.47 1.286539 1,807.65 -326.55 -15.3008
19 July 102.4 -13.33 -11.5182 801.36 -1,006.29 -55.6684
20 Aug 99.64 -2.76 -2.69531 799.13 -2.23 -0.27828
21 Sep 113.69 14.05 14.10076 847.82 48.69 6.092876
22 Oct 150.68 36.99 32.53584 917.02 69.20 8.16211
23 Nov 184.98 34.3 22.76347 1,054.24 137.22 14.96369
24 Dec 250.61 65.63 35.47951 1,108.40 54.16 5.13735
300
250
200
150
Series1
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Amount of transactions (value in rs. billion)
2500
2000
1500
Series2
1000
500
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is increasing trend in
number of transactions of MOBILE BANKING that too with high volatility due to
convenience, smart phone penetration in the population but in terms of volume it is
decreasing which means that people are doing less number of transactions but large
value transactions.
F TEST and T TEST analysis on MOBILE BANKING:
a. F test and T test on volume of MOBILE BANKING

Jan 42.8 106.13

Feb 42.75 95.41

March 48.43 113.63
April 48.38 106.27
May 60.76 114.26
June 62.52 115.73
July 64.44 102.4
Aug 70.05 99.64
Sep 73.06 113.69
Oct 78.08 150.68
Nov 85.39 184.98
Dec 250.61
H₀: there are equal variances in volume of MOBILE BANKING before demonetization
(2016) and after demonetization (2017)
H₁: there are unequal variances in volume of MOBILE BANKING before

RESULT
N 11 12
Mean 61.5145 129.4525
Std. deviation 14.51484 45.71837
F value 5.176
P value 0.034

INTERPRETATION
alternative so there are unequal variances in volume of MOBILE BANKIMG before
and after demonetization
H₀: there is no significant change in volume of MOBILE BANKING before(2016) and

after(2017) demonetization .
H₁: there is significant increase in volume of MOBILE BANKING after

RESULT
N 11 12
Mean 61.5145 129.4525
Std. deviation 14.51484 45.71837
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in volume of MOBILE BANKING in 2017 as
compared to 2016

b. F test and T test of value of MOBILE BANKING

Jan 465.21 1,383.05

Feb 464.73 1,279.93
March 625.01 1,730.39
April 519.17 1,612.65
May 608.45 2,134.20
June 662.72 1,807.65
July 668.04 801.36
Aug 721.82 799.13
Sep 776.88 847.82
Oct 1,135.78 917.02
Nov 1,374.43 1,054.24
Dec 1,108.40
H₀: there are equal variances in value of MOBILE BANKING before demonetization
H₁: there are unequal variances in value of MOBILE BANKING before demonetization
RESULT
N 11 12
Mean 729.2945 1289.6533

Std. deviation 283.07256 446.23279

F value 3.832
P value 0.64
INTERPRETATION
alternative so there are equal variances in value of MOBILE BANKIMG before and
after demonetization
H₀: there is no significant change in value of MOBILE BANKING before(2016) and

after(2017) demonetization.
H₁: there is significant increase in value of MOBILE BANKING after

RESULT
N 11 12
Mean 729.2945 1289.6533
Std. deviation 283.07256 446.23279
Df 21
P value 0.001
INTERPRETATION

alternative so there is significant increase in value of MOBILE BANKING in 2017 as
compared to 2016
9. AADHAR ENABLED PAYMENT SYSTEM (AEPS)
Sr. no. Month No. of transactions Absolute % change in

(volume in change in volume
millions) volume
2016
1 Jan 14.27
2 Feb 13.13 -1.14 -7.98879
3 March 14.95 1.82 13.86139
4 April 12.52 -2.43 -16.2542
5 May 16.81 4.29 34.26518
6 June 19.73 2.92 17.37061
7 July 22.72 2.99 15.15459
8 August 22.1 -0.62 -2.72887
9 Sep 22.59 0.49 2.217195
10 Oct 24.31 1.72 7.613988
11 Nov 25.77 1.46 6.005759
12 Dec 34.26 8.49 32.94529
2017
13 Jan 38.89 4.63 13.5143
14 Feb 35.75 -3.14 -8.07406
15 March 44.21 8.46 23.66434
16 April 47.1 2.89 6.536983
17 May 56.69 9.58721 20.35501
18 June 63.64 6.952841 12.26527
19 July 64.08 0.439435 0.690501
20 Aug 66.93 2.8536 4.453219
21 Sep 65.96 -0.97733 -1.46016
22 Oct 63.51 -2.44668 -3.70957

23 Nov 65.48 1.972545 3.105926

24 Dec 68.46 2.974115 4.541908
No. of transactions ( volume in million)
80
70
60
50
40
Series1
30
20
10
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is volatility in the number
of transactions of AEPS with increasing trend.
F TEST and T TEST analysis on AEPS:
a. F test and T test on volume of AEPS

Jan 14.27 38.89

Feb 13.13 35.75
March 14.95 44.21
April 12.52 47.1

May 16.81 56.69

June 19.73 63.64
July 22.72 64.08
Aug 22.1 66.93
Sep 22.59 65.96
Oct 24.31 63.51
Nov 25.77 65.48
Dec 68.46
H₀: there are equal variances in volume of AEPS before demonetization (2016) and
H₁: there are unequal variances in volume of AEPS before demonetization (2016) and
RESULT
N 11 12
Mean 18.9909 56.7250
Std. deviation 4.80538 11.90509
F value 12.007
P value 0.02
INTERPRETATION
alternative so there are unequal variances in volume of AEPS before and after
demonetization

H₀: there is no significant change in volume of AEPS before(2016) and after(2017)

demonetization .
H₁: there is significant increase in volume of AEPS after demonetization(2017) as

RESULT
N 11 12
Mean 18.9909 56.7250
Std. deviation 4.80538 11.90509
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in volume of AEPS in 2017 as compared to
2016
10. PREPAID PAYMENT INSTRUMENTS (PPI)
Sr. Month No. of Absolute % change VALUE Absolute %

no. transactions change in (in rs. change change
(volume in in volume billion) in value in value
millions) volume
2016
1 Jan 16.46 24.62

2 Feb 16.31 -0.15 -0.9113 25.3 0.68 2.761982

3 March 18.5 2.19 13.42735 32.76 7.46 29.48617
4 April 20.49 1.99 10.75676 21.68 -11.08 -33.8217
5 May 20.6 0.11 0.536847 23.43 1.75 8.071956
6 June 18.29 -2.31 -11.2136 23.01 -0.42 -1.79257
7 July 18.35 0.06 0.328048 23.09 0.08 0.347675
8 August 25.56 7.21 39.29155 23.69 0.6 2.598528
9 Sep 21.72 -3.84 -15.0235 21.74 -1.95 -8.23132
10 Oct 27.29 5.57 25.64457 24.34 2.6 11.95952
11 Nov 30.89 3.6 13.19165 14.42 -9.92 -40.756
12 Dec 47.93 17.04 55.16348 20.89 6.47 44.86824
2017
13 Jan 34.08 -13.85 -28.8963 24.22 3.33 15.94064
14 Feb 33.03 -1.05 -3.08099 25.19 0.97 4.004955
15 March 34.58 1.55 4.692704 30.88 5.69 22.58833
16 April 31.32 -3.26 -9.42741 27.45 -3.43 -11.1075
17 May 36.32 5 15.96424 32.75 5.3 19.30783
18 June 33.97 -2.35 -6.47026 29.87 -2.88 -8.79389
19 July 34.74 0.77 2.266706 27.07 -2.8 -9.37395
20 Aug 35.67 0.93 2.677029 28.53 1.46 5.393424
21 Sep 40.76 5.09 14.26969 26.19 -2.34 -8.20189
22 Oct 43.91 3.15 7.728165 28.8 2.61 9.965636
23 Nov 49.45 5.54 12.61672 37.71 8.91 30.9375
24 Dec 31.44 -18.01 -36.4206 16.34 -21.37 -56.6693

60
50
40
30
Series1
20
10
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Amount of transactions (value in rs. billion)
40
35
30
25
20
Series2
15
10
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is high volatility in the
number and amount of transactions of PPI but at the end of 2017 there was
decrease in the value and volume of PPI, so it can be concluded that it was not
stable.

F TEST and T TEST analysis on PPI:
a. F test and T test on volume of PPI

Jan 16.46 34.08

Feb 16.31 33.03
March 18.5 34.58
April 20.49 31.32
May 20.6 36.32
June 18.29 33.97
July 18.35 34.74
Aug 25.56 35.67
Sep 21.72 40.76
Oct 27.29 43.91
Nov 30.89 49.45
Dec 31.44
H₀: there are equal variances in volume of PPI before demonetization (2016) and
H₁: there are unequal variances in volume of PPI before demonetization (2016) and
RESULT
N 11 12

Mean 21.3145 36.6058

F value 0.085
P value 0.773
INTERPRETATION
alternative so there are equal variances in volume of PPI before and after
demonetization
H₀: there is no significant change in volume of PPI before(2016) and after(2017)

demonetization.
H₁: there is significant increase in volume of PPI after demonetization(2017) as

RESULT
N 11 12
Mean 21.3145 36.6058
Df 21
P value 0.000

INTERPRETATION
alternative so there is significant increase in volume of PPI in 2017 as compared to
2016.
b. F test and T test of value of PPI

Jan 24.62 24.22

Feb 25.3 25.19
March 32.76 30.88
April 21.68 27.45
May 23.43 32.75
June 23.01 29.87
July 23.09 27.07
Aug 23.69 28.53
Sep 21.74 26.19
Oct 24.34 28.8
Nov 14.42 37.71
Dec 16.34
H₀: there are equal variances in value of PPI before demonetization (2016) and after
demonetization (2017)
H₁: there are unequal variances in value of PPI before demonetization (2016) and
RESULT

N 11 12
Mean 23.4618 27.9167
F value 0.532
P value 0.474
INTERPRETATION
alternative so there are equal variances in value of PPI before and after
demonetization
H₀: there is no significant change in value of PPI before(2016) and after(2017)

demonetization.
H₁: there is significant increase in value of PPI after demonetization(2017) as

RESULT
N 11 12
Mean 23.4618 27.9167
Df 21

P value 0.035
INTERPRETATION
alternative so there is no significant increase in value of PPI in 2017 as compared to
2016.
11. ALL MODES OF CASHLESS TRANSACTIONS
Sr. Month No. of Absolute % VALUE Absolute %

no. transactions change change (in rs. change in change
(volume in in in billion) value in value
millions) volume volume
2016
1 Jan 1317.64 82740.43
2 Feb 1324.15 6.51 0.494065 87197.22 4456.79 5.386472
3 March 1407.34 83.19 6.282521 121063.5 33866.23 38.83866
4 April 1393.58 -13.76 -0.97773 86918.05 -34145.4 -28.2045
5 May 1425.48 31.9 2.289068 93943.78 7025.73 8.083166
6 June 1423.4 -2.08 -0.14592 102426.2 8482.41 9.029241
7 July 1482.64 59.24 4.161866 92926.77 -9499.42 -9.27441
8 August 1479.39 -3.25 -0.2192 96569.3 3642.53 3.919785
9 Sep 1457.67 -21.72 -1.46817 106558.9 9989.6 10.34449
10 Oct 1591.02 133.35 9.148161 97244.25 -9314.65 -8.74132
11 Nov 1455.53 -135.49 -8.51592 96851.5 -392.75 -0.40388
12 Dec 1890.89 435.36 29.91075 106753.5 9902.02 10.22392
2017 0
13 Jan 1846.41 -44.48 -2.35233 100234.6 -6518.88 -6.10648

14 Feb 1671.49 -174.92 -9.47352 96043.04 -4191.6 -4.18179

15 March 1836.5 165.01 9.87203 153841.1 57798.07 60.17934
16 April 1745.77 -90.73 -4.94038 113643.6 -40197.5 -26.1293
17 May 1770.53 24.76 1.418285 115675.2 2031.59 1.787686
18 June 1756.03 -14.5 -0.81896 118013 2337.85 2.021047
19 July 1795.21 39.18 2.231169 110666.9 -7346.1 -6.22482
20 Aug 1836.09 40.88 2.277171 113192.8 2525.87 2.282407
21 Sep 1880.95 44.86 2.443235 131321.1 18128.31 16.01543
22 Oct 1940.71 59.76 3.177118 118208.7 -13112.4 -9.98498
23 Nov 1974.71 34 1.751936 124780.8 6572.04 5.559691
24 Dec 2081.1 106.39 5.387627 129420.3 4639.53 3.718145
2500
2000
1500
Series1
1000
500
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

180000
160000
140000
120000
100000
80000 Series2
60000
40000
20000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Interpretation
From the analysis and graph it can be observed that there is high volatility in volume
and value of all modes of cashless transactions but as compared to 2016 there is
increasing trend in 2017 in all modes of cashless transactions.
F TEST and T TEST analysis on all modes of cashless transactions
a. F test and T test on volume of all modes of cashless transactions

Jan 1317.64 1846.41

Feb 1324.15 1671.49
March 1407.34 1836.5
April 1393.58 1745.77
May 1425.48 1770.53
June 1423.4 1756.03
July 1482.64 1795.21
Aug 1479.39 1836.09

Sep 1457.67 1880.95

Oct 1591.02 1940.71
Nov 1455.53 1974.71
Dec 2081.1
H₀: there are equal variances in volume of all modes of cashless transactions before
H₁: there are unequal variances in volume of all modes of cashless transactions
before demonetization (2016) and after demonetization (2017)
RESULT
N 11 12
Mean 1432.5309 1844.6250
F value 1.200
P value 0.286
INTERPRETATION
alternative so there are equal variances in volume of all modes of cashless
transactions before and after demonetization.

H₀: there is no significant change in volume of all modes of cashless transactions

H₁: there is significant increase in volume of all modes of cashless transactions after
RESULT
N 11 12
Mean 1432.5309 1844.6250
Df 21
P value 0.000
INTERPRETATION
alternative so there is significant increase in volume of all modes of cashless
transactions in 2017 as compared to 2016
b. F test and T test of value of all modes of cashless transactions

Jan 82740.43 100234.6

Feb 87197.22 96043.04
March 121063.5 153841.1
April 86918.05 113643.6
May 93943.78 115675.2

June 102426.2 118013

July 92926.77 110666.9
Aug 96569.3 113192.8
Sep 106558.9 131321.1
Oct 97244.25 118208.7
Nov 96851.5 124780.8
Dec 129420.3
H₀: there are equal variances in value of all modes of cashless transactions before
H₁: there are unequal variances in value of all modes of cashless transactions before
RESULT
N 11 12
Mean 96767.2636 118753.4283
Std. deviation 10613.891 15167.712
F value 0.824
P value 0.374
INTERPRETATION

alternative so there are equal variances in value of all modes of cashless transactions
H₀: there is no significant change in value of all modes of cashless transactions

before(2016) and after(2017) demonetization.
H₁: there is significant increase in value of all modes of cashless transactions after
RESULT
N 11 12
Mean 96767.2636 118753.4283
Std. deviation 10613.891 15167.712
Df 21
P value 0.0005
INTERPRETATION
alternative so there is no significant increase in value of all modes of cashless
transactions in 2017 as compared to 2016.
 NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI) launched other

payment methods after demonetization which was regulated by RESERVE
BANK OF INDIA (RBI) to make india a cashless economy and to take their
services to every common man across the country

12. UNIFIED PAYMENT INTERFACE (UPI)
(volume in millions) change in in volume (In rs. Cr) change in in value
volume value
2016
August 0.093 3.1
Sep 0.085 -0.008 -8.60215 32.6 29.5 951.6129
Oct 0.103 0.018 21.17647 48.6 16 49.07975
Nov 0.285 0.182 176.699 100.5 51.9 106.7901
Dec 1.967 1.682 590.1754 706.2 605.7 602.6866
2017
Jan 4.153 2.186 111.1337 1658.8 952.6 134.891
Feb 4.156 0.003 0.072237 1902.1 243.3 14.66723
March 6.161 2.005 48.2435 2391.4 489.3 25.7242
April 7.005 0.844 13.69907 2240.8 -150.6 -6.29757
May 9.168 2.163 30.87794 2765.4 524.6 23.41128
June
10.155 0.987 10.76571 3067.1 301.7 10.90981
July 11.444 1.289 12.69325 3381.2 314.1 10.24094
Aug 16.608 5.164 45.12408 4127.2 746 22.06317
Sep 30.778 14.17 85.32033 5293.4 1166.2 28.25645
Oct 76.772 45.994 149.4379 7057.8 1764.4 33.33207
Nov 104.841 28.069 36.56151 9640.6 2582.8 36.59497
Dec 145.463 40.622 38.74629 13144.3 3503.7 36.34317
Jan 18 151.833 6.37 4.37912 15,571.20 2426.9 18.46352
No. of transactions (volume in millions)

160
140
120
100
80
Series1
60
40
20
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Amount of transactions (value in rs. Crore)
14000
12000
10000
8000
Series2
6000
4000
2000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Interpretation
From analysis and graph it can be observed that when UPI was launched at initial
period there was low growth in volume and value of transactions due to less
awareness among the people about the product but then high growth can be seen
with continuously increasing trend.

13. BHIM UPI
(volume in millions) change in in (in rs. change in in value
volume volume Crore) value
Dec 16 0.043 1.85
2017
Jan 1.718 1.675 3895.349 356.5 354.65 19170.27
Feb 1.97 0.252 14.66822 623.15 266.65 74.79663
March 2.46 0.49 24.8731 823.1 199.95 32.08698
April 3.187 0.727 29.55285 1002.15 179.05 21.75313
May 3.976 0.789 24.75682 1306.73 304.58 30.39266
June 4.617 0.641 16.12173 1486.71 179.98 13.77331
July 5.433 0.816 17.67381 1600.14 113.43 7.629598
Aug 6.807 1.374 25.2899 1898.63 298.49 18.65399
Sep 7.603 0.796 11.69384 2245.34 346.71 18.26106
Oct 7.632 0.029 0.381428 2348.7 103.36 4.603312
Nov 8.19 0.558 7.311321 2548.81 200.11 8.520032
Dec 9.066 0.876 10.69597 3083.21 534.4 20.96665
Jan 18 9.57 0.504 5.559232 3647.19 563.98 18.29197
Android : 22.7 million as on January 31, 2018
IOS : 1.10 million as on January 31, 2017
No. of transactions (volume in millions)

10
9
8
7
6
5
Series1
4
3
2
1
0
1 2 3 4 5 6 7 8 9 10 11 12 13
Amount of transactions (value in rs. Crore)
3500
3000
2500
2000
Series2
1500
1000
500
0
1 2 3 4 5 6 7 8 9 10 11 12 13
Interpretation
From analysis and graph it can be observed that there is high increasing trend in the
number and amount of transactions of BHIM as it was launched after
demonetization so it was preferred by the people due to non availability of cash
among them.

14. *99# USSD BASED PRODUCT
(volume) change in in (in rs. change in in value
volume volume millions) value
Dec 16 25,212 17.62
2017
Jan 3,08,383 283,171 1123.16 373.67 356.05 2020.715
Feb 2,22,159 -86224 -27.96 355.25 -18.42 -4.92948
March 2,08,141 -14018 -6.3098 336.04 -19.21 -5.40745
April 1,87,146 -20995 -10.0869 303.16 -32.88 -9.78454
May 1,90,500 3354 1.79218 315.28 12.12 3.997888
June 1,98,815 8315 4.3648 312.98 -2.3 -0.72951
July 1,90,584 -8231 -4.14002 301.89 -11.09 -3.54335
Aug 1,91,812 1228 0.64433 294.25 -7.64 -2.53072
Sep 2,02,700 10888 5.6763 323.61 29.36 9.977909
Oct 1,84,557 -18143 -8.9506 299.07 -24.54 -7.5832
Nov 1,82,523 -2034 -1.102 287.4 -11.67 -3.90209
Dec 1,79,852 -2671 -1.4633 299.4 12 4.175365
Jan 18 1,72,811 -7041 -3.9148 290 -9.4 -3.13956
Number of transactions (volume)
30,000
25,000
20,000
15,000
Series1
10,000
5,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14

Amount of transactions(value in rs. Millions)
400
350
300
250
200
Series2
150
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Interpretation
From analysis and graph it can be observed that after demonetization there was
huge decrease in volume of transaction but at the same time there was increase in
value of transactions after that the volume of transactions was stable at low level
but value observed some volatility after increasing, so it can be concluded that
people will be doing less number of transactions but high amount transactions
Findings
The study of various cashless payment methods gives an idea regarding increasing or
decreasing trend in cashless transactions as compared before and after
demonetization. The F- test analysis clarifies if there are equal or unequal variances
during all months compared by 2016 and 2017 while T -test analysis shows
significant difference between them. The charts give a clear idea about in which way
the modes of cashless transactions are growing and in which manner they are stable
or volatile. The tables used represent a clear idea in numerical terms and trend
analysis shows absolute and percent change in volume and value of transactions.
The various techniques used gives significant difference between groups, among
groups.

CHAPTER- 6
CONCLUSION AND
SUGGESTIONS

Conclusion
The major focus was to study the effect of demonetization on various modes of
cashless transactions as to whether there was significant increase in cashless
transactions after demonetization or not.
From all the data analysis and data available and considering the limitation of the
study we can conclude that the study of trends in various modes of cashless
transactions before and after demonetization gives a description that due to
demonetization there was significant increase in the use of all cashless payment
methods accept the debit and credit cards used at ATMs due to the reason that
people were attracted towards other methods such as mobile wallets, UPI, USSD. At
initial period of demonetization there was high growth in the usage of all payment
methods
A part from various modes of cashless transactions shows high volatile growth and
significant variation occurred during months in 2016 and 2017. So demonetization
which was done in india by government of india and reserve bank of india who gives
spark in usage of cashless transactions has positive effect on cashless economy.

Bibliography
Websites
 https://rbi.org.in/Scripts/Statistics.aspx
 https://www.npci.org.in/statistics
 http://www.civilsdaily.com/story/cashless-society/
 https://economictimes.indiatimes.com/tdmc/your-
money/demonetization

Annexure

A STUDY OF TREND IN VARIOUS MODES OF CASHLESS TRANSACTIONS BEFORE AND AFTER DEMONETIZATION
Electronic Payment Systems - Representative Data (Updated as on February 27, 2018)

Volume in million, Value in Rs. Billion
Data RTGS NEFT CTS* IMPS* NACH* UPI*
for the
Volume value volume value volume value volume value volume value volume Value
period
Nov-16 7.9 78479.2 123.0 8807.8 87.1 5419.2 36.2 324.8 152.5 606.6 0.3 0.9
Dec-16 8.8 84096.5 166.3 11537.6 130.0 6811.9 52.8 431.9 198.7 626.8 2.0 7.0
Jan-17 9.3 77486.1 164.2 11355.1 118.5 6618.4 62.4 491.2 158.7 541.4 4.2 16.6
Feb-17 9.1 74218.8 148.2 10877.9 100.4 5993.9 59.7 482.2 150.5 592.0 4.2 19.0
Mar-17 12.5 123375.8 186.7 16294.5 119.2 8062.8 67.4 564.7 182.1 829.4 6.2 23.9
Apr-17 9.5 88512.2 143.2 12156.2 95.3 6990.6 65.1 562.1 212.6 905.2 6.9 22.0
May-17 10.4 90170.5 155.8 12410.8 97.1 6745.9 66.7 585.6 194.4 692.4 9.2 27.7
Jun-17 9.8 92812.6 152.3 12694.2 91.9 6409.9 65.8 596.5 197.3 708.6 10.2 30.7
Jul-17 9.4 87149.3 148.1 12011.6 92.2 6342.5 69.1 604.8 204.3 771.7 11.4 33.8
Aug-17 9.5 89163.4 151.6 12500.4 92.1 6224.3 75.7 651.5 205.2 752.4 16.6 41.3
Sep-17 9.6 102348.1 157.7 14182.1 92.2 6271.5 82.9 717.6 176.0 628.4 30.8 52.9
Oct-17 10.0 92056.1 158.8 13851.3 94.4 6340.2 88.1 750.4 187.0 900.5 76.8 70.3
Nov-17 10.8 98410.5 162.0 13884.0 96.3 6633.9 89.5 782.6 197.5 724.1 104.8 96.4
Dec-17 10.9 100907.8 169.0 15779.2 94.6 6564.0 98.0 871.1 183.0 714.0 145.5 131.4
Jan-18 11.2 107488.4 170.2 15374.1 96.7 6792.6 99.6 882.1 208.1 727.7 151.7 155.4

Debit and Credit

USSD** PPI # Mobile Banking Total
Cards at POS &
volume value (in
(in Rs. volume value volume value volume value volume value
thousand) thousand)
7.0 7302.6 205.5 352.4 59.0 13.2 72.3 1244.9 671.5 94004.2
102.2 103718.4 311.0 522.2 87.8 21.3 70.2 1365.9 957.5 104055.3
314.3 381760.2 265.5 481.2 87.3 21.0 64.9 1206.7 870.4 97011.4
224.8 357055.2 212.3 391.5 78.4 18.7 56.2 1080.0 763.0 92594.5
211.2 337962.4 229.7 416.2 90.0 21.5 60.8 1499.9 893.9 149589.1
188.9 301650.5 231.1 431.4 89.2 22.3 61.0 1443.8 853.1 109602.2
192.6 316723.7 233.4 450.8 91.3 25.3 64.9 1940.7 858.5 111109.3
198.9 313277.0 232.4 468.2 84.7 24.1 77.1 1584.7 844.7 113745.2
190.7 302097.8 237.6 439.3 88.7 25.1 69.5 1019.2 861.1 107378.4
191.8 294239.4 243.0 457.1 89.7 27.2 70.8 1033.0 883.4 109817.9
202.7 323578.5 240.3 478.2 87.5 27.6 86.3 1121.6 877.0 124706.8
184.6 299071.8 255.7 530.5 96.2 32.7 130.9 1168.7 967.3 114532.2
182.4 287309.6 244.6 483.3 92.8 32.0 122.8 848.4 998.5 121047.1

179.9 299367.3 263.9 528.7 99.1 35.1 113.3 921.5 1064.2 125531.5
172.8 290020.0 271.1 521.9 113.6 38.3 106.3 928.7 1122.3 131980.8
Note 1:
1. Data is provisional.
2. *: Source is NPCI.
3. **:Figures Negligible, Source is NPCI
4. &: Card transactions of four banks.
5. #: PPI issued by 8 issuers for goods and services transactions only.
6. h: Holiday
7. Mobile Banking figures are taken from 5 banks. The total volume & value of electronic payment systems does not include mobile banking.
8. NACH figures are for approved transactions only
RTGS – Real time gross settlement

NEFT – National electronic funds transfer
CTS – Cheque truncation system
IMPS – Immediate payment service
NACH – National automated clearing house
UPI - Unified Payments Interface

USSD - Unstructured Supplementary Service Data

POS – Point of sale
PPI – Prepaid payment instrument
Month No. of Banks live on *99# Volume Amount (Rs. in Mn)

18-Feb 62 1,56,073 259.3
18-Jan 55 1,72,811 290
17-Dec 52 1,79,852 299.4
17-Nov 50 1,82,523 287.40
17-Oct 50 1,84,557 299.07
17-Sep 49 2,02,700 323.61
17-Aug 45 1,91,812 294.25
17-Jul 44 1,90,584 301.89
17-Jun 34 1,98,815 312.98
17-May 35 1,90,500 315.28
17-Apr 37 1,87,146 303.16
17-Mar 36 2,08,141 336.04
17-Feb 27 2,22,159 355.25
17-Jan 27 3,08,383 373.67

16-Dec 24 25,212 17.62
Month No. of Banks live on BHIM Volume (in Mn) Amount (Rs. in Cr.)
18-Feb 78 9.88 4,011.16
18-Jan 67 9.57 3647.19
17-Dec 65 9.066 3083.21
17-Nov 60 8.190 2548.81
17-Oct 59 7.632 2348.70
17-Sep 55 7.603 2245.34
17-Aug 55 6.807 1898.63
17-Jul 52 5.433 1600.14
17-Jun 49 4.617 1486.71
17-May 44 3.976 1306.73
17-Apr 44 3.187 1002.15
17-Mar 44 2.460 823.10
17-Feb 44 1.970 623.15
17-Jan 35 1.718 356.50
16-Dec 31 0.043 1.85

RBI STATISTICS
Volume Value (₹
System
(Million ) Billion)
2015-16 2016 2015-16 2016
Jan. Feb. Mar. Jan. Feb. Mar.
1 2 3 4 5 6 7 8
122,783.
RTGS 98.34 8.22 8.23 9.87 1,035,551.79 82,659.68 86,727.77
90
Cheque
Truncation 963.92 77.58 83.54 88.24 70,235.12 5,546.26 5,946.61 6,928.50
System (CTS)
Immediate
Payment
220.81 22.48 23.86 25.98 1,622.26 165.59 169.67 198.73
Service
(IMPS)
4.5 National
Automated
1,404.08 132.50 151.82 160.26 3,801.83 440.77 383.89 554.98
Clearing
House

(NACH)
Credit Cards 791.73 70.22 67.69 72.83 2,411.60 188.86 209.21 229.74
5.1.1 Usage
6.00 0.55 0.56 0.61 30.40 2.66 2.70 2.80
at ATMs
5.1.2 Usage
785.73 69.68 67.14 72.22 2,381.20 186.20 206.51 226.94
at POS
5.2 Debit
9,245.00 817.51 796.69 844.59 26,911.96 2,327.99 2,259.57 2,342.82
Cards
5.2.1 Usage
8,071.48 707.63 691.73 731.72 25,322.77 2,181.88 2,130.04 2,208.19
at ATMs
5.2.2 Usage
1,173.52 109.88 104.96 112.87 1,589.20 146.11 129.54 134.63
at POS
PPI Cards 143.41 16.46 16.31 18.50 256.34 24.62 25.30 32.76
Mobile 386.55 42.80 42.75 48.43 4,017.84 465.21 464.73 625.01

Volume Value (₹
System
(Million ) Billion)
2015-16 2016 2015-16 2016
april may June April may June
1 2 3 4 5 6 7 8
106,101.
RTGS 98.34 8.33 8.71 8.83 1,035,551.64 86,459.34 95,526.09
49
Cheque
Truncation 958.39 78.95 77.24 78.64 69,889.15 6,257.62 5,784.87 5,734.50
System (CTS)
Immediate
Payment
220.81 26.78 27.66 29.68 1,622.26 210.44 216.18 237.17
Service
(IMPS)
4.5 National
Automated
Clearing 1,404.08 174.85 160.59 166.50 3,801.83 585.39 570.30 556.9
House
(NACH)
Credit Cards 791.67 73.43 78.36 76.89 2,437.02 230.13 250.39 242.40

5.1.1 Usage
6.00 0.59 0.57 0.59 30.41 2.87 2.83 2.86
at ATMs
5.1.2 Usage
785.67 72.84 77.78 76.30 2,406.62 227.26 247.56 239.54
at POS
5.2 Debit
9,247.00 844.69 863.47 842.05 26,960.63 2,398.87 2,464.99 2,352.91
Cards
5.2.1 Usage
8,073.39 726.48 729.60 724.01 25,371.36 2,251.32 2,310.25 2,198.31
at ATMs
5.2.2 Usage
1,173.61 118.21 133.86 118.03 1,589.27 147.54 154.74 154.61
at POS
PPI Cards 143.47 20.49 20.60 18.29 253.77 21.68 23.43 23.01
Mobile 389.49 48.38 60.76 62.52 4,040.91 519.17 608.45 662.72

Volume Value (₹
System
(Million ) Billion)
2015-16 2016 2015-16 2016
Jan. Feb. Mar. Jan. Feb. Mar.
1 2 3 4 5 6 7 8
110,564.
RTGS 98.34 8.26 8.56 8.47 1,035,551.64 96,016.24 98,591.56
06
Cheque
Truncation 958.39 79.24 81.62 78.94 69,889.15 5,716.59 5,924.66 5,736.57
System (CTS)
Immediate
Payment
220.81 32.18 33.89 35.93 1,622.26 251.22 268.49 289.12
Service
(IMPS)
4.5 National
Automated
Clearing 1,404.08 189.60 153.33 157.29 3,801.83 634.06 681.78 590.36
House
(NACH)
Credit Cards 791.67 80.05 84.59 78.53 2,437.02 246.34 260.50 244.83

5.1.1 Usage
6.00 0.61 0.65 0.60 30.41 2.92 3.04 2.85
at ATMs
5.1.2 Usage
785.67 79.44 83.95 77.93 2,406.62 243.41 257.46 241.98
at POS
5.2 Debit
9,247.00 881.20 887.22 867.35 26,960.63 2,362.57 2,380.13 2,379.11
Cards
5.2.1 Usage
8,073.39 752.13 756.68 742.16 25,371.36 2,191.65 2,196.44 2,219.78
at ATMs
5.2.2 Usage
1,173.61 129.07 130.54 125.19 1,589.27 170.92 183.69 159.33
at POS
PPI Cards 143.47 18.35 25.56 21.72 253.77 23.09 23.69 21.74
Mobile 389.49 64.44 70.05 73.06 4,040.91 668.04 721.82 776.88


A Study of Trend in Cashless Transactions Before and After Demonetization PDF

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A Study of Trend in Cashless Transactions Before and After Demonetization PDF

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A STUDY OF TREND IN VARIOUS MODES OF CASHLESS TRANSACTIONS BEFORE

AND AFTER DEMONETIZATION

Submitted for the partial fulfillment of the degree

Bachelor of Business Administration

T.Y. B.B.A. (FINANCE)

Under The Guidance Of

MR. MEHUL MEHTA

Sarvajanik Education Society

BRCM College of Business Administration

Veer Narmad South Gujarat University

B.R.C.M. College of business administration Page 1

CHAPTER 1 INTRODUCTION ABOUT DEMONETTIZATION……………………………………….6

DEMONETIZATION IN INDIA ................................................................................... 7

INDIAN CASHLESS ECONOMY..................................................................................... 8

ELECTRONIC AND PAYMENT SETTLEMENT SYSTEM IN INDIA…………………………………….9

CHAPTER 2 INTRODUCTION TO NPCI AND VARIOUS PAYMENT METHODS………12

LITERATURE REVIEW …………………………………………………………………………………….29

PRIMARY AND SECONDARY OBJECTIVES……………………………………………………...30

CHAPTER 4 RESEARCH METHODOLOGY………………………………………………………..31

SCOPE OF FUTURE STUDY……………………………………………………………………....33

CHAPTER 5 FINDINGS AND ANALYSIS………………………………………………………34

CHAPTER 6 CONCLUSION AND RECOMMENDATIONS ……………………………110

B.R.C.M. College of business administration Page 2

I would like to thank VEER NARMAD SOUTH GUJARAT UNIVERSITY (V.N.S.G.U) to

I am honoured to Dr. Jayesh Desai, Director, BRCM College of Business

Date: March 2018

B.R.C.M. College of business administration Page 3

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Chapter 2 includes introductions of NPCI and various payment methods

Chapter 3 focuses on the research objectives, literature review.

B.R.C.M. College of business administration Page 5

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Demonetization refers to an economic policy where a certain currency unit ceases to

 Demonetization and Black Money:

 Demonetization and Terror Funding

B.R.C.M. College of business administration Page 7

 Demonetization and cashless economy

Indian cashless economy

History of payments system in india

B.R.C.M. College of business administration Page 8

Electronic and payment settlement system in india

B.R.C.M. College of business administration Page 9

The initiatives taken by RBI in the mid-eighties and early-nineties focused on

 Electronic Clearing Service (ECS) Credit

 Electronic Clearing Service (ECS) Debit

B.R.C.M. College of business administration Page 10

There is no limit as to the minimum or maximum amount of payment. This is also

 Electronic Funds Transfer (EFT)

 Other Payment Systems

 Pre-paid Payment Systems

Steps taken by RBI and Government to discourage use of cash

 Licensing of Payment banks

B.R.C.M. College of business administration Page 11

B.R.C.M. College of business administration Page 12

NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI)

 National Payments Corporation of India (NPCI), an umbrella organisation for

B.R.C.M. College of business administration Page 13

The various payment methods used in this study are:

1. Real time gross settlement (RTGS)

11. Prepaid payment instruments (PPI)

B.R.C.M. College of business administration Page 15

National Electronic Funds Transfer (NEFT) is a nation-wide payment system

Step-1 : An individual / firm / corporate intending to originate transfer of funds