Central Banking

RBI official highlights stumbling blocks to ‘less-cash society’

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An executive director of the Reserve Bank of India, G Padmanabhan, on September 12 highlighted stumbling blocks on India's path to a "less-cash society".

Speaking at a Financial Inclusion and Digital Payments conference in Mumbai, he said the prepaid industry has not progressed as hoped for since non-banks were given permission in 2007 to enter the business.

Padmanabhan said paper vouchers constitute 73.4% of the country's prepaid payment instruments and questioned the level of innovation

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