It’s a great direction that FM has taken. The whole push of direct subsidy transfer will make these new bank accounts (and rupay debit cards) very relevant. Further – the national insurance scheme will be linked to this bank account (the 1 re per month premium will come from this account) will increase the usage. What this will in turn mean is that the number of cash less transactions will increase significantly. Think about small things like paying salaries to the maids and drivers now instead of being in cash will be into bank accounts.
Further, there is a big boost for the corporate sector with the tax policies ( and intent to reduce corporate tax from 30% to 25%).