India moving towards digitised payments: Niti Aayog

"It is a very mammoth and unprecedented thing. There will be some short-term issues. I don't think we need to worry about them," he said, commenting on the demonetisation of high value currency.

New Delhi, Nov 23 Niti Aayog CEO Amitabh Kant on Wednesday said India is moving towards a totally digitised payment economy that will bring huge gains in the long term.

"There are long-term gains for the country. The country will move towards a totally digitised payment economy. It will move towards formalised economy," Kant said on the sidelines of a conference organised by India Energy Forum.

"It is a very mammoth and unprecedented thing. There will be some short-term issues. I don't think we need to worry about them," he said, commenting on the demonetisation of high value currency.

These are processes associated with the move away from a non-formal economy to a formal one, and people should, therefore, have patience and faith, he added.

Terming the withdraw of old Rs 500 and 1,000 notes from circulation as "excellent" and a "good" move, Kant said there would be short-term issues but in the long-term there would be huge gains.

IANS