At Reliance Jio Money announcement, Mukesh Ambani praises PM Narendra Modi’s demonetisation move

Mukesh Ambani said: By doing this, our Prime Minister has given the strongest push to growth of digitally-enabled, optimal-cash economy in India.

By: Express Web Desk | New Delhi | Updated: December 1, 2016 3:06 pm
Reliance Industries Chairman Mukesh Ambani. Reliance Industries Chairman Mukesh Ambani.

Reliance Industries chairman Mukesh Ambani on Thursday praised Prime Minister Narendra Modi for his decision on demonetisation saying the move would help boost the country’s economy.

“By doing this, our Prime Minister has given the strongest push to growth of digitally-enabled, optimal-cash economy in India. Digitally-enabling transactions will boost economic growth, while bringing unprecedented transparency and accountability,” Ambani said, during an address three months after he officially launched Jio telecom services.

In his address, Ambani also announced the launch of Jio Money, a merchant solution that he hopes will help small businesses across the country ride the digital wave. Ambani also said that micro-ATMs will be established across the country to help customers deposit and withdraw cash into their digital accounts.

Ambani also announced the extension of the free telecom services currently being provided on the Jio network. It will now be available till March 31, 2017.

Prime Minister Narendra Modi had on November 8 announced that notes of Rs 500 and Rs 1000 would no longer be legal tender and the same should be deposited in bank accounts by the end of December. The move, while being praised by various sectors, has faced fair share of criticism primarily for the government’s failure in a smooth implementation.