India is yet to be change into digital, progressive steps are already taken by the Indian prime minister. Demonetization process has played a lead role for Bitcoin to grow rapidly in India. and now the Indian public banking sector namely State Bank of India has announced new rules to make transactions. The rules are fully focused on penalties and service tax.
Charges applied even for depositing,and for ATM services. People in India disappointed with the unexpected announcement. SBI knows that people will close their customer and there will be loss of loyal customer. Then why courageously announced and impose these charges?
Digital India plan is fully focused on Online transactions! SBI is indirectly pushes the people to make online transactions. Followed by SBI many of the private banks may also expected to announce charges for all the services. Banks are the only resources in which people keeps their money and secure them. If banks announced such expensive and unwanted charges for all the services, where the people will go.
Sure they would invest their money in other assets instead of savings. if the investment is the right option then most of the people will go with gold to invest. But now there is an another asset which is more valuable than gold namely bitcoin. Yeah If digital India plan executed successfully then sure it will cause growth for bitcoin exchanges in India!