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PM Modi announced a surprise withdrawal and ban on the circulation of 500 rupee and 1000 rupee notes in an attempt to check black money. This move will not only uncover 3 trillion rupees ($45 billion) in black money, as a largely cash-driven economy, it will drive the adoption of digital money and increase cashless transactions. Indian payments and lending FinTechs (PayTM, Capital Float, Freecharge, Ftcash…) are already seeing a surge in their customer base.

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