December 6 (updates from Shashidhar today)
Okay we’re missed a day of updates and are a little late. But fear not. We’ll keep you on top of your demonetization and digital payments news fix.
14:44: Twitter user explains why cashless works well in America and need to move a regime of negative interest rates for going digital.
— Dabang Trader (@DabangTrader) December 6, 2016
14:40: The Indian Express reports that banks are facing an acute shortage of POS machines as more shopkeepers have applied for POS machines.
Chairman of Chandigarh Beopar Mandal Charanjiv Singh said, “Because there is less cash, even a small shopkeeper who runs a confectionery store wants a PoS machine. Around 10,000 shopkeepers associated with Chandigarh Beopar Mandal have applied, but are yet to get the machines.”
14:26: Rs 58 lakh in Rs 2000 denominations were seized in Hyderabad and police arrested eight people travelling in a car.
“They came to Hyderabad with the intention of exchanging the new currency with old notes of Rs 1,000 or Rs 500 along with a 25-30% commission to make easy money. Explaining the modus operandi, Deputy Commissioner of Police (South zone) V Satyanarayana said.
Details in Scroll.in
13:24: This is certainly worrying.
No official RBI release of bank deposit data so far. Was released on Monday last two weeks.
— Ira Dugal (@dugalira) December 5, 2016
13:12: And the situation on the ground is deteriorating every day.
— Truth Of Gujarat (@TruthOfGujarat) December 5, 2016
13:04: MP Derek O’Brien gives us updates about life during the demonetization.
— Derek O’Brien (@quizderek) December 5, 2016
12:57: Not even close to done with the series of bad news on the demonetization. The Nikkei India Services Purchasing Managers’ Index (PMI), which tracks services sector companies on a monthly basis, stood at 46.7 in November, down from 54.5 in October, reports PTI. If the score was above 50, then the services industry is growing else it is shrinking.
12:50: Okay, done with the jokes. This isn’t funny anymore. A daily wage labourer immolated herself in Delhi after she could not exchange six Rs 500 notes despite visiting multiple bank branches. She was driven to helplessness as she couldn’t feed her children. What’s the body count again?
— Business Standard (@bsindia) December 5, 2016
12:48: Calvin is truly the journalist we deserve for our times.
New Media, here I come pic.twitter.com/l7ASQ5tYLq
— Krish Ashok (@krishashok) December 6, 2016
12:43: The boys from All India Bakchod are back and it is mandatory for you to watch the video on demonetization whether you agree with it or not.
12:38:We also have data from the UPI for the month of November, another first. The UPI saw over 287,000 transactions from 30 banks. This is still no where close to 59 million transactions from 8 wallet players the RBI has put up. Our report here.
12:22: The RBI has put out provisional data on digital payments in the country. Note that it is not complete and has only debit card transaction details from four banks and eight wallets. Still something better than nothing, I suppose. The RBI said it will be updating this list till the end of December. So keep an eye out.
Read our report here.