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Move to cashless economy has to be taken step-by-step: Bhargava

Digital payments need to be promoted in the big cities because of a lack of proper resources and infrastructure, RC Bhargava, Chairman of Maruti Suzuki. Once they get used to going cashless, the digital drive can be extended to the rural pockets of the country.

December 05, 2016 / 01:54 PM IST
 
 
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Moneycontrol BureauThe move to a cashless economy should be user-friendly and must be taken step-by-step, RC Bhargava, Chairman, Maruti Suzuki tells The Economic Times. He says the auto industry will benefit in the long-term from demonetisation and a cashless economy along with GST will help India become a superpower.First, digital payments need to be promoted in the big cities because of a lack of proper resources and infrastructure. Once they get used to going cashless, the digital drive can be extended to the rural pockets of the country.Also, he says people are still skeptical about e-wallets as they don't find them user- friendly and lack confidence as they are scared of frauds. He asks the government to mandate use of finger print identification to dispel this fear in the common man. It would also help the illiterate in transacting online.

it will be good for the economy, and eventually, for the car industry. There may be a temporary impact, but it will be short term.

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