Tens of thousands of villages will soon be equipped with card-swiping machines to boost cashless payments, the finance minister said on Thursday, a month after the government banned high-value banknotes.
Prime Minister Narendra Modi unleashed chaos with his shock announcement last month that all Rs500 and Rs1,000 ($7.30, $14.60) notes—some 85% of all bills in circulation—would cease to be legal tender.
The move triggered a chronic shortage of cash with people forming long queues outside banks across the country for hours to get rid of their old notes. Cash accounts for 90% of transactions in India where millions rely heavily on notes for their daily transactions.
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