PM pushes for use of mobiles to deal with cash crunch

Modi said the number of mobiles is four times the number of families and people should use their mobiles to make payments.

"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," he said.

Modi said demonetisation is a step to give poor people their rights.

"You know because of corruption, black money, the middle class had been exploited and poor people were devoid of their rights. I want to stop it and give poor people their due rights," he said adding, "the trade of black money is eating into the country like termite." 

"Therefore, Rs 500 and Rs 1000 notes has been banned and new notes will gradually reach (people). I am short of words in thanking people who suffered problems and inconvenience (due to demonetization) and you continued to stand with this work of honesty," he said.

Urging people to shift to new technology in order to eliminate this menace of black money and corruption, Modi asked them to make payments through their mobile phones.

"I want to seek your support. Your mobile phone is not only a mobile phone, you can convert into your own bank and wallet. If you don't have one rupee cash even then today the technology is such that if you have money in your bank account, you can shop in the market and make payments through mobile and also you can run your business without touching cash," he said.

The Prime Minister said it was the need of the hour to stop the circulation of fake currency which was destroying the youth.

"Fake currency has destroyed our youth and to save my youths, it is the need of the hour to end fake currency and I want to urge you to fully support the ongoing campaign (demonetisation) to make India great," he said.