The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap. “Our research suggests that Rural and Semi-Urban areas are now accounting for 60 per cent of share in UPI value/volume, dismantling the popular perception that metro/urban areas are hotbeds of digital payment adoption and innovations,” the Ecowrap report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, said.
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