What are the economic implications of the AIIMS-Delhi Smart Card covering all payments and eliminating cash from April

The implementation of the AIIMS-Delhi Smart Card, covering all payments and eliminating cash transactions, can have several economic implications: 1. Increased transparency: The use of the smart card will enable all transactions to be digitally recorded, reducing the scope for corruption and illicit financial activities. This can enhance transparency and help in combating black money. 2. Efficiency gains: The smart card system can streamline payment processes and reduce transaction times, leading to increased efficiency in financial operations. This can save resources and time for both consumers and businesses. 3. Cost savings: By eliminating the need for cash handling, the smart card system can reduce expenses related to printing, transportation, and security of physical currency. This can provide cost savings for the government and businesses. 4. Enhanced financial inclusion: The smart card system can make financial services accessible to a wider population, including those who are unbanked or lack proper identification. This can promote financial inclusion and create opportunities for economic development. 5. Impact on traditional banking: With the smart card system, individuals may rely less on traditional banking services, such as ATMs and physical bank branches, which could lead to changes in the banking sector's structure and operations. Overall, the implementation of the AIIMS-Delhi Smart Card can positively impact the economy by promoting transparency, efficiency, cost savings, financial inclusion, and potentially influencing banking practices.