India’s Prime Minister Narendra Modi promised the poor they would benefit from his surprise ban on 86 percent of the country’s currency in November. Now, nearly five months later, it seems the poor have made the shocking move work for themselves – and Modi – with the help of digital finance technology.
Prime Minister Narendra Modi asked India for 50 days of patience when he pulled the 500- and 1,000-rupee notes – the two largest denominations that comprise 86 percent of the country’s currency – out of circulation on four hours’ notice last month. “Punish me if I do not deliver,” he said, according to India Today. Now 37 days in, things have yet to settle down.