Mukesh Ambani lauds demonetisation, to launch JioMoney app

MUMBAI: Reliance Industries chairman Mukesh Ambani has lauded the government’s demonetisation drive, saying it will spur digital transactions that will in turn boost economic growth.

“Digitally enabling transactions will help to create a fair, just, transparent and strong India and Indian economy. It will bring unprecedented accountability at every level,” Ambani said on Thursday.

“With one single step, he (Prime Minister Narendra Modi) has brought all the unproductive money into productive use. This will enhance credit flow in the economy and legitimate credit is the fuel that powers the engine of economic growth,” he said.

Ambani said Jio is building a digital retail ecosystem called Jio-Money merchant solutions which will bring in over 10 million merchant retailers across 17,000 towns and 4 lakh villages.

“To enable digital transactions, merchants, especially small merchants, are an important component of our economy,” he said, adding that the app can be downloaded from December 5.

The move will enable digital transactions of all types across mandis, small shops, restaurants, railway ticket counters, bus and mass transits, and for person-to-person money transfers, he said. Besides, Jio customers can use JioMoney wallet for purposes like digital recharge and billing. “Today, thanks to solutions like JioMoney, every Indian has the ability to have a digital ATM in their pocket. I believe that common people will be the biggest beneficiaries of this change,” Ambani said.