How India switched to digital payment methods

After the government banned Rs 500 and Rs 1,000 notes in November’16, digital activity levels were low in the initial weeks as people were busy depositing or exchanging the banned notes. But it increased from December as remonetisation progressed.

Growth was good in October 2016, mainly on account of festive season. But it continued further from November 16 to January 17 as well. This was a positive fallout of demonetisation. However, the pace of growth moderated somewhat in February 2017.