Navigating The Cashless Revolution: Assessing Obstacles And Government Initiatives In India’s Transactional Growth

The shift towards a cashless economy has significantly shaped India’s economic landscape. This study examines the adoption of e-banking components like NEFT, UPI, RTGS, and others, analyzing their volume and value from FY 2017-18 to 2022-23. It highlights the growth rates during FY 2022-23 compared to FY 2017-18, emphasizing challenges such as digital literacy, infrastructure, security, and accessibility. The Reserve Bank of India’s Payment System Indicator report reveals digital payment transactions surged from 2,071 crore in FY 2017-18 to 13,462 crore in FY 2022-23, with a 45% CAGR. UPI stood out with a 147% CAGR. Government initiatives like the Digital India campaign, PMJDY, Har payment digital mission etc aims to overcome obstacles and promote e-banking. This paper offers insights for policymakers and stakeholders in India’s digital transformation.