Finance Minister Arun Jaitley also said that technology has changed the entire dynamics the way the banking is done in the country.
The government’s effort to formalise the economy with a slew of initiatives, including demonetisation, seems to be bearing fruit. Finance Minister Arun Jaitley has said that digital transaction is fast taking the place of cash being a predominant instrument for transactions.
"We had almost reconciled to the fact that the economy would be substantially informal. It's only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required,” Jaitley stated while speaking at the official rollout of Paytm Payments Bank.
"And that on its own pace would have taken an indefinite long time and we would have all waited till the cows came home for the economy to really formalise by itself. But then several policy initiatives that the government took one after the other have set off a chain reaction and that chain reaction is visible in various ways," he added.
The finance minister also said that technology has changed the entire dynamics the way the banking is done in the country.