As a result of demonetization of high value denomination, our society has hypothetically moved to give up cash for financial transactions in favor of other means of exchange. Such a concept has been discussed widely, particularly because the world is experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world. Transactions which would historically have been undertaken with cash are often now undertaken electronically.
Most of the Commercial Banks and NBFCs’ in India has already introduced such instruments and are making transactions positively. But this concept is still unfamiliar to the Co-operative banking sector. Being a Co-operative Society possessing an aspiration to exploit the possibilities of IT within Co-operative sector, Pravasis Ltd IT division has been researching on introducing a cashless payment system. Sahakari Consumer Card is one of the innovations of Pravasis Ltd to overcome the hurdles of demonetization.