India's biggest challenge has been to empower its citizens with financial inclusion by providing banking to its unbanked population to Banking. The government's initiative of opening 15 million accounts in one day sets the tone to make sure that every adult citizen has a bank account in India. Critics say it cannot be done, but we know from history that carpet bombing is the best way to overcome a challenge. The Indians have set out to a economic transformation in their country, by empowering its unbanked citizens the menace of cash in the system can be overcome thus improving the GDP of India. It is estimated that the cash economy in India is bigger than the legal economy in India, the cash in this system is known as black money in India and has strong parallel network for banking in cash. If you use a credit or debit card with an Indian merchant he will charge you about 2% to 3% extra as the transaction fee for using the card, this encourages customers to pay in cas...
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