V Narayanasamy: Cashless Transaction
on Friday, December 30, 2016V Narayanasamy Money Quote saying after Prime Minister Narendra Modi requested they become a pilot state for digital banking that it requires work and transition time. V Narayanasamy said:
“[Puducherry] has been selected to become a model state for cashless transaction on a pilot basis – digital banking could not be resorted to at the drop of a hat” — V Narayanasamy
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In this quote, former Puducherry Chief Minister V Narayanasamy seems to be explaining why Puducherry was chosen as a pilot area to promote cashless digital transactions. While the central government was pushing for digital banking nationwide, Narayanasamy acknowledges it could not be implemented everywhere immediately or “at the drop of a hat”.
By selecting Puducherry as a “model state” to test this transition on a smaller scale first, it allowed time for systems and infrastructure to be put in place along with educating citizens.
The quote suggests Puducherry was deemed a suitable pilot area to help work out any issues or challenges before the broader rollout of digital banking across India.
Narayanasamy appears to be justifying Puducherry’s selection by recognizing a gradual, experimental approach was necessary for such a large-scale economic and technological shift.