..........Bhattacharya, in a statement, said with such rapid financial inclusion, the use of cash in India will decline in line with developed countries such as the UK (2 per cent), Australia (3 per cent), and Japan (6 per cent) going forward. According to an RBI empirical study, alternative payment channels such as cheques, credit/ debit cards and Internet banking are not only more efficient than paper currency, but also leave paper/ electronic trails, facilitating tax audit. Usually, such payment mechanisms act as partial substitutes for high-value currency. The SBI chief said the positive spillover from this structural transformation (via financial inclusion) in the long-run would be enormous. This apart, the move towards digital India would make good use of cost-effective cellular technology in future banking growth........
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