The blackish-golden anniversary of Demonetisation. This was definitely the biggest defining moment politically in my lifetime. After all, I was not a child of the freedom movement, nor was I around during emergency. I was around when the economy opened up in the early 90s, but that was a gradual impact.
Something as explosive as this? Yep. First time. And a part of me hopes there will be more and a part of me hopes for a quieter life.
Has life really changed after demonetisation? Living in Bangalore, I could perhaps say yes. My grocery store accepts PayTM now. I can pay as low as 10 bucks in PayTM. People who would have never gotten a bank account are online now and use it frequently.
I’ve fallen back to the habit of carrying little to no cash (picked up on my days abroad). So yes, I can live without cash now.
But what about outside Bangalore?
I still ensure that I carry cash when I go traveling. Because especially after demonetisation, there is a fear of ATMs running dry. That is the biggest nightmare. Stranded somewhere without money. Because a lot of other towns and cities are not as happy with online transactions. Card machines don’t always work. Or they say they don’t work, because they still do not trust banking and online transactions.
The culture of cash and mistrust of banks is too deeply rooted in us to be removed by one round of demonetisation. It isn’t just the corrupt guys who like to keep cash. It is everyone. My parents. Maybe your parents. My neighbours. I’m sure your neighbours too.
Did corruption come down? I seriously doubt it, especially since the number people asking for bribes or cutting short things hasn’t really gone down.
But in a country like India, the only way we’ll ever do anything is if we are dragged, albeit, kicking and screaming. So maybe the demonetisation did not entirely work as intended but it did make us aware of online payments, get a section of people on it, and it taught us how to stand in line. Pretty good for a first attempt, I guess.