SBI's Kumar Says Bank Wants Faster Move to Digital

The video discusses the impact of Narendra Modi's demonetization policy, which faced criticism for its immediate economic slowdown but is seen as a catalyst for digital payment adoption and financial inclusion. The State Bank of India chairman highlights the increased acceptance of digital transactions and the government's push towards a formal economy. Despite short-term challenges, the policy aims to bring more people into the organized sector, supported by GST implementation, leading to increased tax compliance and financial inclusion.

What was one of the main criticisms faced by Narendra Modi regarding the note ban?

• It was praised for its long-term benefits.

• It caused an immediate economic slowdown.

• It led to an increase in digital payments.

• It was supported by the State Bank of India.

How did demonetization affect the pace of digital transactions?

• It increased the pace many fold.

• It made digital transactions obsolete.

• It decreased the pace significantly.

• It had no impact on digital transactions.

What was a significant change in the banking system after demonetization?

• The number of ATMs increased.

• The number of digital transactions decreased.

• The banking system opened 300 million accounts.

• The cost of transactions increased.

What is one of the expected long-term benefits of demonetization?

• A decrease in the number of income tax filers.

• A shift towards a more informal economy.

• An increase in the number of people in the organized sector.

• A reduction in digital payment options.

What was introduced alongside demonetization to aid in economic formalization?

• A new currency design.

• The Goods and Services Tax (GST).

• A reduction in bank interest rates.

• An increase in cash transactions.