Retail electronic payments doubled in FY16: RBI
The Reserve Bank of India (RBI) on Monday reported that the volume of retail electronic payments nearly doubled, while card payments grew about 56% in 2015-16. In volume terms, the share of electronic transactions in total transactions rose to 84.4% from 74.6% in the previous year. Notably, this comes amid the RBI's view to move towards a "less-cash" economy.