November 28, 2016

Don’t Waste the Crisis; Leverage Aadhaar for Cashless Inclusion

Shankkar Aiyar, Visiting Fellow at IDFC Institute, asserts that the demonetisation of large currency notes is an opportunity for financial inclusion.


Read the full article in The Indian Express here. Excerpts below:


"India’s transformation and many revolutions have arrived in the wake of crises. This is one crisis that must not be wasted. The biggest threat to transformation is incrementalism and the creation of committees. The first consequence of any crisis is conversations of a binary nature within the administration. Typically, it is stranded between “oh it has not worked” and “oh this just cannot be done”.  The inescapable fact is that India fares poorly on financial inclusion—and this is most visible in the disruption in the economy. From farms to factories to families cash, is the reigning currency of the economy...


India is poised at the gateway of a revolution in financial inclusion. There have been two silent revolutions since the creation of UIDAI under Nandan Nilekani—the registration of residents under Aadhaar and the installation of payment gateways that afford India the opportunity to leapfrog over historic handicaps and spur financial inclusion."

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