A Study of the Impact of Youth towards Digital Financial Instruments in the Wake of Demonetization of 2016 in India | Original Article

ABSTRACT:

Indian economy today has been dynamic and is ready to accept various changes particularly pertaining to technologyto meet global standards so as toattract growth prospects more widely and sustainably. In this process one of the major objectives has been digitalization and the efforts of the present governmenthas geared up its implementation and Banking and Financial sector is one of the major areas where digitalization has been initiated in the recent past. The major benefits of digitalization in this area may be better accountability of the consumer expenses along with better consumer experience in terms of payments. Moreover, benefits are also in terms of network effects leading to immense market dominance and big data availability which would help enhance competition in the market. The financial sector digitalization has been majorly transaction intensive, hence innovation and automation has been on the forefront. In this process, demonetization acted as something that is called shock treatment to boost digitalization. In the wake of the issue of information protection brought out The Cambridge Analytica and Facebook brouhaha, digitalization has been criticized. However, the educated young have opted towards using digital instruments. This paper evaluates whether demonetization has influenced their digital behavior in terms of using various digital financial instruments, using primary data.