Regulatory push key to digital ecosystem

Mumbai: Cash is no more the king, but digital revolution needs to be supported by a regulatory infrastructure, says a study. India economy has undergone significant formalisation in last 5 years. Latest currency in circulation data reveals that it has remained constant over the previous year even as record purchases happened during Diwali at Rs1.25 lakh crores, says an internal research report by SBI economists. This happened for the first time since 2014. Indian consumers have now migrated big time to better technology platform like UPI that does not require the intervention of a POS machine and factor authentications: UPI transactions have jumped 70 times in last 4 years.