Role of Banks in Cash Less Economy

Cash may not be king for long; the coins jangling in pockets or papers neatly folded in wallets are under threat.”This paper presents the role of banks in cashless move. The study highlights that in a cashless economy the medium of exchange undergoes a change from cash to electronic medium. In a cashless economy the cash balance never becomes zero as international payments are settled in gold and dollars. “Faceless, Paperless, Cashless” is one of professed role of Digital India. Besides small domestic payments are made in cash. Furthermore, in this paper some benefits of the cash-less economy like reducing cost of currency printing expenses, attacks the problem of black money, greater efficiency in welfare programs, increase tax collection are discussed. And also advantages and disadvantages of going cashless economy are also highlighted.