Dr.

Swati Jain
Dy. Manager (R&D)

Dr. Mayur Valodkar

Dy. Manager (R&D)

Nirmit Sanchapara
Research Engineer (R&D)

GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED

www.gsfclimited.com
 What is Cashless Economy?
A cashless economy describes a state whereby financial transaction are not
conducted with money in the form of physical banknotes or coins, but rather
through the transfer of digital information between the transacting parties.
Digital ways of payments in India

Banking cards

National Unified USSD Platform (NUUP)

Aadhaar Enabled Payment System (AEPS)

Unified Payments Interface (UPI)

Mobile Wallets

Point of Sale (PoS)

Internet & Mobile Banking

 Why India should be a
cashless economy
 To Meet competition:

India being top 10 economy in the world, it is necessary to match the steps
with other giant economies.
 Why India should be a
cashless economy
 Improvement in GDP:
 Why India should be a
cashless economy
 Improvement in GDP:
 Why India should be a
cashless economy
Cost Reduction

Reduction in cost of
• Printing of cash
• Storing of cash
• Transportation of cash
 Why India should be a
cashless economy
 Risk Reduction:
 Why India should be a
cashless economy
 Efficient and Convenient :
 About the Cashless India
Initiative
• Campaign was Launched on 1st July 2015

Digital India Cashless India

About the Cashless India
Initiative
 About the Cashless India
Initiative
• Cashless India Portal
 Initial Steps
Jan Dhan Yojana:
 Initial Steps
Demonetization
Declared on 8th nov at 8:00 pm.
withdrawal of a particular form of currency from
circulation
• In terms of value, the annual report of Reserve Bank of
India (RBI) of 31 March 2016 stated that total bank notes
in circulation valued to Rs16.42 trillion (US$240 billion) of
which nearly 86% (around Rs 14.18
trillion (US$210 billion)) were Rs 500 and Rs1,000
banknotes.
• In terms of volume, the report stated that 24% (around
22.03 billion) of the total 90266 million banknotes were in
circulation.
 Benefits of Cashless Society
Cost Reduction

Risk Reduction

Efficient and Convenient

Tracking spends

Promotion
Efficient and Convenient
Tracking spends
 Increased Transparency
• It helps reducing corruption.

• It helps reducing black money.

Promotion
 Where we left Behind???

Lack of Education

Internet Connectivity

Cyber Security

Online Banking Fraud

Poverty
Lack of Education
Internet Connectivity
Cyber Security
Cyber Security
 Cyber Security
• Need for Cyber Security:
1. To ensure critical infrastructure do not
collapse under any situation.
2. To ensure business continuity
3. To ensure disaster recovery plans are tested
regularly and upgraded.
4. For the success of government initiatives like
Digital India, Make in India and Smart Cities.
 Online Banking Fraud

Malware & Viruses

Types of
Mobile online Phishing
Fraud banking
fraud

SMiShing
Mobile Fraud
 Poverty
Total population in India 1250000000
Cyber Crime Hub
Poverty
Conclusions