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Shanlax
International Journal of Commerce
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Cashless Economy in India: Challenges
Ahead
Aslam Hasan
Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India
Mohammed AtifAman
Department of Business Administration, Aligarh Muslim University, Uttar Pradesh, India
Mohd Ashraf Ali
Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India
Abstract
In an attempt to curb-out black money, money laundering, and to have a sound economy, the central
government of India has embarked on the cashless economy. It is the birth of a new era in the nation
with life with digital money. This paper is going to conceptualize the meaning of a cashless system,
explains online banking techniques in India, schemes by government to spread the cashless system
in India and highlights the challenges of the cashless economy and electronic payment systems. The
objective of this study is to examine the signicant challenges that are faced by Indians on the way
towards cashless. To achieve the objectives of this exploratory type of personal study, interviews
will be conducted.
Keywords: cash-based economy, cashless economy, electronic payment system, electronic
payment techniques, Challenges ahead consumers, and cashless awareness.
Introduction
In the recent past, the term cashless has been a matter of interest among
bureaucrats, academicians, and researchers around the world. Cashless
economy is a layout where to make transactions; one does not need to carry
cash in physical form as a medium of exchange, but rather with the use of credit
or debit cards or electronically. It does not mean the total elimination of cash,
but it is just the transformation of the economy into an ambiance that minimizes
the use of physical cash by providing alternative channels for making payments.
Globally both developed and developing economies are making great strides in
minimizing the use of paper money. Sweden is on the way to be the rst cashless
economy, as major banks had stopped working in cash. People in Belgium do
not remember the last time when they had paid in cash. Denmark is also in the
list where less than 25% of retail transactions are made in cash. To date, India
continues to be driven by the use of cash; however, the nance minister, in 2016
budget speech, talked about the idea of making India a cashless society. In its
recent publication, “Payments and Settlement Systems in India: Vision 2018”,
carved out plans to boost up electronic payments and to enable India to move
towards a cashless society. India holds one of the highest cash to gross domestic
product ratios in the world, and lubricating economic activity with paper costs
Rs 21000 crores annually to RBI (Tufts University, The Cost Of Cash In India).
In a step towards the development of the economy and to keep an eye over tax
hoarders, the government of India has launched its campaign “cashless India.”
OPEN ACCESS
Volume: 8
Issue: 1
Month: January
Year: 2020
P-ISSN: 2320-4168
E-ISSN: 2582-0729
Received: 30.09.2019
Accepted: 05.11.2019
Published: 01.01.2020
Citation:
Hasan, Aslam, et al.
“Cashless Economy in
India: Challenges Ahead.”
Shanlax International
Journal of Commerce,
vol. 8, no. 1, 2020,
pp. 21–30.
DOI:
https://doi.org/10.34293/
commerce.v8i1.839
This work is licensed
under a Creative Commons
Attribution-ShareAlike 4.0
International License
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22
To make India a cashless society government has
also started various schemes like Digishala, Digital
Finance for Rural India, Visaka, Creating Awareness
and Access through Common Service Centers
(CSCs) and laid down multiple steps such as Unied
Payments Interface, Unstructured Supplementary
Service Data (USSD) based Mobile Banking,
Aadhar enabled payment system (AEPS), Point of
sale, National Electronic Funds Transfer (NEFT),
Bharat Interface for Money (BHIM), Lucky Grahak
Yojana and the Digi-Vyapar Yojana etc. that will be
covered in this study, but the main aim of the study is
to nd out the signicant challenges faced by Indians
while moving towards cashless society.
Review of Literature
It was in 1918 when the Federal Reserve Bank
used telegraph to move currency for the rst time and
with the set up of Automated Clearing House (ACH)
in 1972 provided the U.S treasury and commercial
banks an alternative to process cheque, which led to
the revolution of e-payment as Benjamin Graham
(2003) noted in his work “Evolution of Electronic
Payment.” Many researchers over the world have
undertaken research, symposia, seminars, journal
articles, and lectures to evaluate the system of
e-payment. Snorkel and Kwast used the Federal
Reserve’s 1995 survey of consumer nance and
analyzed the effect of demographic characteristics
on the likelihood of e-payment instrument usage by
households. Carrow and Stanten (1999) investigated
the preferences of consumers among debit cards,
credit cards, and cash. In October 2005, Wondwossen
& Tsegai and G. Kidan (2005) completed their
work on e-payment challenges and opportunities
in Ethiopia and found; Poor telecommunication
infrastructure, Frequent power disruption, People
are resistant to new payment mechanisms, Lack of
skilled manpower, Unavailability of payment laws,
and regulations particularly for e-payment.
Balachandher., K.G., Santhan, V., & Norazlin,
R (2000) studied electronic banking in Malaysia
and found that ATM was the most widely accepted
and highly utilized channel. Joshua Abor (2004)
researched technological innovation and banking
systems in Ghana and found a positive relationship
between them. Studies by; Hunter, W. C., & Timme,
S.G. (1991) found that information technology
has an appreciable positive effect on banking
productivity; cashier’s work, banking transactions,
bank patronage, bank services delivery and customer
services.
Researches regarding the issues of the cashless
system are also done as Wondwosson T & Tsegai
G. Kidan (2005) found out that e-payment is
surrounded by widespread challenges in Africa. Poor
telecommunications infrastructure, limited readiness
by banks, behavioral constraints, inadequate legal
and regulated framework, and credit card access
at low level are among the constraints that have
hindered the progress of e-payments. Baraghani
(2007) examined factors inuencing the adaption of
Internet banking. Bassey (2008), in his work “Digital
Money in a Digitally Divided World,” revealed the
challenges perceived by Africans in the adoption of
e-payment systems. He categorized challenges into
three categories viz; the infrastructure, regulatory,
cultural-cum human dimensions”. In his view, the
infrastructural challenges were the most important.
This comprises of accessibility, affordability,
networks, connectivity, and usage. According
to Worku (2010), e-payment and e-banking
applications carry a security challenge due to
high dependency on critical ICT systems that may
create vulnerabilities and can harm customers. “It
is imperative for banks to understand and address
security concerns to leverage the potentials of ICT’s
in delivering e-banking applications.” Akhalumeh
and Ohioka (2011) found out some challenges at
the front of general people with the introduction
of cashless policy. Their ndings show that 34.0%
of the respondents faced the problem of internet-
based fraud, 15.5% of respondents argued the
problem of limited POS/ATM, 19.6% cited the
problem of illiteracy, and 30.9% stayed neutral - the
respondent not been sure of problem been expected
or experienced. Okey. Ovat (2012) found Fraud,
Indiscriminate deductions from accounts, high rate
of illiteracy, inefciency, epileptic public power
supply as challenges in Nigeria. Ajayi, L.B. (2014)
found a lack of unique national identity system,
inadequate infrastructure, high rate of illiteracy and
poor sensitization, poor timing, and sequencing for
both the policy as challenges for cashless policy.
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Research gap
In India the term cashless is not new concept,
people were using debit/credit cards, mobile/net
banking, smart cards, etc. since early 2000, but that
was optional or we could say that it was the outcome
of the technological, industrial advancement and
socio-economic upliftment in the country, and that
too was a small proportion as mentioned above just
2% of all transactions were cashless. But, now there
is an all-around call to became cashless for that
government has also started various schemes, but
in a country where one-fourth of the population is
illiterate, 30% of the population is below poverty,
and 40% of the population was unbanked till 2006,
43% of the total accounts are dormant. These are
some pecuniary facts that stimulate us for this study
to nd out the challenges that are faced by citizens of
Indian while going towards cashless.
Objectives of the study
To identify the various challenges faced by
Indians while moving towards cashless.
To analyze the status of ‘cashless layout’ in rural
and urban areas.
Conceptual Issues
Cash-based economy
The cash-based economy is dened as that
economy in which day-to-day payments and
business activities are predominantly transacted in
physical notes and coins. These notes and coins are
issued mainly by the central bank of any country
duly signed by the Governor, promising the bearer
to pay the printed amount. These notes and coins are
the basic media of exchange in the country.
Cashless economy
Cashless economy is a system that aims at
reducing, not eliminating total physical currency,
i.e., notes or coins circulating in the economy while
encouraging more electronic-based transactions
(payment for goods, services, transfers, etc.). It is an
economic system in which transactions are not done
predominantly in exchange for actual cash (Daniel,
D. G., R. W. Swartz, and A. L. Fermar, 2004). Some
researcher says that it represents the pure state of
electronic payment systems where the central bank
does not print sturdy notes and coins for circulation,
for which Claudia and Grauwe (2001) opines, a
cashless society is a regime in which currency issued
by the central bank has ceased to exist.
Electronic Payment system
The electronic payment system is an arrangement
for making payments electronically via debit/credit
cards, m-wallets, point of sale (POS), Mobile banking,
internet banking, etc. It is not a new phenomenon
use of electronic networks for trade began in the
early 1970s in the nancial sector. One of the rst
applications evolved as Electronic Funds Transfer
(EFT) - the movement of money between nancial
institutions via telecommunications networks.
E-payments greatly increase payment efciency
by reducing costs that were incurred in printing
physical currency that leads to trade in goods and
services at low value. That enables the society to
make payments conveniently and swiftly with the
help of various electronic devices connected to
global networks.
Electronic Payment Methods
Banking Cards (debit/ credit/ cash/ travel/
others): One of the basic and method for online
payment is through cards issued by the bank, which
are used to withdraw money from ATM and to make
online payments. Each card secured by a four-digit
pin, and whenever we make an online transaction,
we are required to enter the pin and OTP, i.e., one-
time password that is sent to the registered mobile
number. Banking cards, whether debit or credit
cards, offer consumers more security, convenience,
and control than any other payment method.
Unstructured Supplementary Service Data
(USSD): The innovative payment service *99#
works on Unstructured Supplementary Service
Data (USSD) channel that doesn’t even require the
internet connection to operate as this service allows
mobile banking transactions through basic feature
mobile phone. This service is currently offered by
51 leading banks across the country on all GSM
networks in 12 languages. ( NPCI)
*99# service has been launched to take the
banking services to every common man across the
country. Banking customers can avail of this service
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by dialing *99#, a “Common number across all
Telecom Service Providers (TSPs)” on their mobile
phone and transact through an interactive menu
displayed on the mobile screen. Services offered
through *99# service include interbank account
to account fund transfer, balance inquiry, mini
statement beside a host of other services.
Aadhaar Enabled Payment System (AEPS):
AEPS is a bank-led model which allows online
interoperable nancial transaction at PoS (Point
of Sale / Micro ATM) through the Business
Correspondent (BC) / Bank Mitra of any bank using
the Aadhaar authentication.
Unied Payments Interface (UPI): Unied
Payments Interface is launched by NPCI to facilitate
instant fund transfer between multiple banks via
mobile phones. It is built over immediate payment
service IMPS for fund transfer using virtual payment
address, account number with IFSC, mobile number
with mobile money identier, Aadhar number.
Each Bank provides its own UPI App for Android,
Windows, and iOS mobile platform(s). A mobile
banking personal identication number is required to
conrm each transaction.
Mobile Wallet: A mobile wallet is a way to carry
digital money on your mobile phone. One can link
credit or debit card information via the mobile wallet
application to make online transactions. Instead of
using the card to make purchases, one can pay with a
smart phone, tablet, or smartwatch. An individual’s
account is required to be linked to the digital wallet to
load money in it. Most banks have their e-wallets and
some private companies. E.g., Paytm, Free charge,
Mobikwik, oxygen, rupee, airtel money, Jio money,
SBI buddy, its cash, citrus pay, Vodafone m-Pesa,
axis bank lime, ICICI pockets, speed pay, etc.
Point of Sale: A point of sale (PoS) is the place
where sales are made. On a macro level, PoS may be
a mall, a market, or a city. On a micro-level, retailers
consider PoS to be the area where a customer
completes a transaction, such as a checkout counter.
It is also known as a point of purchase.
Internet Banking: Internet banking is also
known as online banking, e-banking or virtual
banking, is an electronic payment system that enables
customers of a bank or other nancial institution to
conduct a range of nancial transactions through the
nancial institution’s website.
Mobile Banking: Mobile banking is a service
provided by a bank or other nancial institution
that allows its customers to conduct different types
of nancial transactions remotely using a mobile
device such as a mobile phone or tablet. It uses
software, usually called an app, provided by the
banks or nancial institutions for the purpose. Each
Bank provides its mobile banking App for Android,
Windows, and iOS mobile platform(s).
Micro ATM: Micro ATM is a small device
that is used by Business Correspondents (BC) or
business facilitator to deliver basic banking services
to common man via bank cards. They are cash
dispensers and cash depositors with a print receipt of
each transaction. This enables a person to instantly
deposit or withdraw funds regardless of the bank
associated with a particular BC. The device is based
on a mobile phone connection available at every
BC. Customers would just have to get their identity
authenticated and withdraw or put money into their
bank accounts.
Different Types of Online Transaction
Techniques
National Electronic Fund Transfer (NEFT):
National Electronic Funds Transfer (NEFT) is a
nation-wide payment system facilitating one-to-one
funds transfer. Under this Scheme, individuals, rms
and corporates can electronically transfer funds from
any bank branch to any individual, rm or corporate
having an account with any other bank branch in
the country participating in the Scheme. NEFT also
enables walk-in-customers to transfer money but
options 50,000 only. Presently, NEFT operates in
hourly batches - there are twelve settlements from 8
am to 7 pm on weekdays (Monday through Friday),
and six settlements from 8 am to 1 pm on Saturdays.
Real-Time Gross Settlement (RTGS): RTGS
is the fastest possible money transfer system through
the banking channel as settlements are made in real-
time without any queue time. ‘Real Time’ means
the transaction is not subjected to any waiting lines,
and it is settled as soon as it is processed. ‘Gross
Settlement’ means the settlement of funds transfer
instructions occurs individually or on a one-to-
one basis without netting with other transactions.
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‘Settlement’ means that once processed transactions
nal and irrevocable. The RTGS system is primarily
intended for large value transactions. The minimum
amount to be remitted through RTGS is 2 lakh. There
is no upper ceiling for RTGS transactions.
Electronic Clearing Service (ECS): ECS is an
alternative method for effecting payment obviating
the need for issuing and handling paper instruments
for periodic transactions (monthly/ quarterly/ half-
yearly/ yearly) like payment of interest/ pension/
salary/ dividend etc. from a single user source to a
large number of destinations.
Immediate Payment Service (IMPS): IMPS
is an instant, 24X7, interbank electronic fund
transfer service via mobile phones all over India.
It is managed by NPCI and is built upon National
Financial Switch network objected:
To enable bank customers to use portable
instruments as a channel for accessing their bank’s
accounts and remit funds.
I am making payment simpler, just with the
mobile number of the beneciary.
To sub-serve the goal of Reserve Bank of India
(RBI) in the electronication of retail payments.
To facilitate mobile payment systems already
introduced in India with the Reserve Bank of India
Mobile Payment Guidelines 2008 to be inter-
operable across banks and mobile operators in a safe
and secure manner.
To build the foundation for a full range of mobile-
based Banking services.
Capacity building and awareness program by the
government of India
Digishala: In an attempt to promote digital
payments in the country ministry of electronics and
IT has introduced the ‘DigiDhanAbhiyan’ campaign
to enable viewers to move towards cashless
transactions. Digishala is an education and non-
commercial free channel about digital transactions
where viewers will be informed and educated through
demos of various cashless transaction methods.
Digital Finance for Rural India: Ministry of
Electronics and IT launched “Digital nance for
rural India: Creating awareness and access through
common service centers (CSCs)” under Digital
SakshartaAbhiyan (DISHA) with an objectives to
enable the CSCs to become Digital nancial hubs, by
hosting awareness sessions on government policies
and digital nance options available for rural citizens
as well as enabling various mechanism of digital
nancial services such as IMPS, UPI, Bank PoS
machines, etc.
Vittiya Saksharta Abhiyan (Visakha): India
is on the cusp of an economic revolution towards a
cashless economy, and to bring any major change, the
youth had always played a keen role. Visaka is one
such campaign that actively engages teens of higher
education institutes, motivating and encouraging
them for the cashless economic system.
Challenges to Consumers
From the previous studies, we found the
following problems perceived by consumers in
making e-payments. These challenges are grouped
into seven factors, which include a few sub-factors,
as shown in diagram 1.
Security concerns: This is probably the
most critical factor that inuences negatively
the prospective customers who make payment
electronically. Every channel of e-payment has its
security problems, but it may be argued that when
somebody concerns about security in e-payment,
then the rst that comes to his/her mind is the
Internet. This is substantiated by the numerous
articles in the press concerning Internet security
breaches. People see and hear everywhere about
hackers, fraud, crackers, computer viruses, identity
theft, phishing attacks, spyware, malware, and many
other terms that refer to security issues regarding
the Internet. Nevertheless, it is not only the Internet
that is fraught with security breaches. There are
numerous incidents regarding frauds through the
use of fake ATM cards or cases of theft of identity
data through the inltration of inadequately guarded
information systems. The incidence of ATM, credit,
debit card and net banking-related fraud has gone up
by more than 35 percent between 2012-13 and 2015-
16 in India, according to the country’s federal bank
Reserve Bank of India (RBI). According to RBI
data, 8,765 cases were reported by banks in 2012-
13, and the corresponding gures for the subsequent
three years were 9,500 (2013-14), 13,083 (2014-
15), and 11,997 (in the rst nine months of 2015-
16) respectively. India ranked third after Japan and
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the US as countries most affected by online banking
malware in 2014.
Non-familiarity and lack of required
technological skills: A lot of bank customers lack the
required skills to operate technologically advanced
devices (personal computers and new generation
mobile phones, i.e., smartphones), and they are not
familiar with browsing the Internet. These people,
therefore, cannot benet from the digital economy.
In a move to digitally empower millions of Indians
in rural areas and educate them about how to do
cashless transactions, the Ministry of Electronics
and Information Technology (MeitY) launched a TV
channel named ‘DigiShala.’ Ministry of Electronics
and IT (MeitY) has launched a new scheme entitled
“Digital Finance for Rural India: Creating Awareness
and Access through Common Service Centres
(CSCs)” under Digital SakshartaAbhiyan (DISHA)
with objectives to enable the CSCs to become Digital
Financial Hubs, by hosting awareness sessions on
government policies and digital nance options
available for rural citizens as well as enabling
various mechanism of digital nancial services such
as IMPS, UPI, Bank PoS machines, etc.
Lack of specialized equipment and
infrastructure: Although many people possess
personal computers and mobile devices nowadays,
there are many more that do not. Not only must
the potential customer have access to the required
equipment, but the required telecommunications
networks must be available and accessible.
Such networks have to satisfy some minimum
requirements regarding security, capacity, and
bandwidth. Because of inappropriate connection,
sometimes, bank charges double amount in case of
delay in conrmation and transaction failure.
Extra Charges: Many people do not want to
make a cashless transaction because they perceived
the e-payment involve extra costs. Before users can
engage in electronic retail payments, they must invest
in devices that give access and then purchase that
access to the networks that constitute the Internet.
Lack of grievance body: Prospective customers
perceived that no grievance body is available in case
of online fraud regarding their amount. If available,
they are not familiar with that so much. Sometimes
the consumer faces a delay in refund because of the
unavailability of appropriate grievance bodies.
Disclosed Privacy: Consumers perceived that
they could not hide their information regarding
purchase items and articles. They think that their
banks have full knowledge about the product they
bought. They lack trust, how the bank or government
would use their private information.
Not Universally Accepted: The main problem
of e-cash is that it is not widely accepted because the
commercial establishment must take it as a payment
method.
Diagram 1: Factors considered as challenges by consumers in making cashless payment
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Research Methodology
This study is based on the qualitative research
method because qualitative research is characterized
by its aims, which relate to understanding some
aspects of social life, and its methods, which (in
general) generate words, rather than numbers, as data
for analysis. It also seeks to understand a particular
research issue or subject from the local population’s
perspective. Qualitative research is especially
powerful in obtaining culturally specic information
about the values, opinions, behaviors, and social
contexts of particular populations. Some secondary
data has been used in this research that was extracted
from various sources viz: journals, books, e-books,
reports, etc.
The data for this study was collected through
an interview session. The research population for
this study was all the residents of city Aligarh;
with a sample size of 70 respondents, convenient
sampling was used to determine our respondents
from both urban and rural regions, which include all
sections of the society, i.e., students, businessmen,
academicians, and service class. Open-ended
questions were asked regarding the challenges they
face while going cashless.
Findings
In light of the study conducted by us, the
signicant challenges that are faced by Indian
consumers are:
Education & knowledge: One of the major
challenges is the lack of basic knowledge among
the major population, it is a severe obstruction for
the adoption of a cashless society as it obstructs the
accessibility of banking services. For citizens to fully
enjoy the benets of a cashless economy, they should
be informed not only how to read and write but also
how to possess basic ICT literacy. The government
and its companion organization should acknowledge
the general people through general media sources.
Unawareness: Despite various awareness and
capacity building programs by the government, most
of the areas are still unaware regarding cashless
mechanisms, especially the rural regions, where we
know that one-third of the country resides. About 50
percent of respondents responses that they not aware
of how to access ICT to do the cashless transaction.
Lack of infrastructure: Villagers do not
supply basic equipment such as cell phones and
computers. This study shows, only 70 percent of
respondents have mobiles and computers. Besides
these challenges, there is inadequate infrastructure
ranges from network failure and slow speed of
internet, which leads to failure or dual payment for
the same transaction, incompatibility with modern
banking techniques, epileptic power supply which
is precarious to efcient electronic payment system
will undoubtedly militate against the success of the
cashless policy.
Security & Privacy issues: Security and privacy
issue seem to be one of the major challenges in the
development of cashless policy in India; people
are much concerned about leakage of personal
information, fraudsters, and hackers. Sixty-one
percent of consumers perceived that the cashless
transaction is not secure as there is a high chance of
hacking and personal identity stolen. In spite of this,
10 percent of consumers perceived that the grievance
body for settlement of such type of cybercrimes is
not available.
Behavioral constraints: Which could also be
said as resistant to change, many people we met
fulll all necessary obligations to be cashless as they
are educated, carry latest gadgets, knows how to use
online banking but also they don’t want to change the
way of living they are happy as they are. It may seem
due to distrust in the cashless transaction. About
11 percent of consumers do not trust the cashless
transaction.
Extra Charges: Online transactions incur extra
charges that make a pocket of general consumers to
be tight. Forty-four percent of consumers consider
cost as a major challenge that keeps them away from
the cashless transaction.
Conclusion
This paper was aimed to nd the challenges that
are faced by Indian citizens in a move towards a
cashless economy, for that we interviewed students,
academicians, and businessmen from both urban and
rural areas. The government of India has laid much
stress on becoming cashless to curb-out black money
and corruption from the nation, for that various
schemes and campaigns had also been launched
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to aware and motivated peoples. Various digital
payment methods were also introduced to make the
cashless transaction easy and eco-friendly. Despite
such efforts by the government, only 17% of the
population is making cashless transactions often.
A major part of the population is concerned about
security and privacy issues. Lack of infrastructure
is also a matter of challenge for two-third of the
population. One of the challenges faced by Indians
is the lack of education and knowledge regarding the
cashless economy.
Suggestions
From this study, we would like to suggest that:
• Mere launching of schemes and campaigns
regarding cashless doesn’t seem to be
worthwhile. To make these schemes more
impactful, some marketing tools should be
applied to make these schemes fruitful.
• Online transactions should be made as cheap as
possible, eliminating all sorts of extra charges so
that more and more peoples switch from cash-
based to cashless economy.
• More emphasis should be laid on educating the
people in rural areas as a major part of the nation
resides in rural areas only.
• All sorts of transactions dealing with huge
investment must be cashless to keep control
over black-money.
• Adequate security mechanisms should be put
in place to safeguard the interest of consumers
against dubious and fraudulent practices of
fraudsters.
Limitations of the Study
Despite all efforts and dedication towards this
study, there are some limitations to this research
which are as follows:
• Sample size: The sample size for this study was
70, which is too small for a diversied country
like India.
• Population: The whole research was conducted
in Aligarh district, which itself is a small city
as compared to other metro cities of India.
Therefore there is a possibility that with a large
area of the population, we could have found
some more challenges.
• The mood of respondents: As interviews
are face to face, and verbal method of data
collection, therefore, it is possible that with
the spirit, the answers of the respondent may
change.
• Lack of prior research on the topic: As the
cashless economy is a new phenomenon in
India, that’s why not so much of work is being
done on its challenges.
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Author Details
Aslam Hasan, Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India,
Email ID: aslam.rs@amu.ac.in
Mohammed AtifAman, Department of Business Administration, Aligarh Muslim University, Uttar Pradesh, India,
Email ID: maaman@myamu.ac.in
Prof. Mohd Ashraf Ali, Department of Commerce, Aligarh Muslim University, Uttar Pradesh, India,
Email ID: drashrafali1@gmail.com
