International Journal For Multidisciplinary Research

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Volume 8 Issue 2
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Impact of cashless Economy on Monetary policy transmission mechanism In India

Author(s) Ms. Amisha Kumari, Dr. Harvir Singh Chaudhary, Prof. Seema Mishra
Country India
Abstract The rapid expansion of digital payments system has significant transformation the financial architecture of India over the past decade,the shift from cash dominated transactions towards electronic models of payment has alternate liquidity pattern, banking behaviour and financial intermediaries.This study examined how the growth of the cashless Economy influence the effectiveness of monetary policy transmission in India.In particular it analyzes whether increased digital financial transactions enhance the Speed and magnitude of interest rate pass through and improve the credit channel of transmission. The research relies on secondary time series data obtained from publication of the Reserve Bank of India and transactions statistics released by the National payment corporation of India.The study evaluate Trends in digital payments policy rate adjustment banker lending rates, liquidity condition.By exploring
the relationship between financial digitalization and monetary policy outcomes the paper aims to contribute to the understanding of how structural changes in payment system affect macroeconomics policy efficiency in emerging economies like India The finding are expected to provide policy insights regarding the role of digital financial.infrastructure in strengthening monetary transmission mechanism and promoting overall economic stability.
Keywords Cashless economy , Digital payment, monetary policy transmission ,Interest rate channel, Credit channel, Financial Digitalization,Repo rate , India, Liquidity management, Financial Inclusion
Field Arts
Published In Volume 8, Issue 2, March-April 2026
Published On 2026-03-25
DOI https://doi.org/10.36948/ijfmr.2026.v08i02.72481
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