Demonetization: How Big Data Analytics can Unearth the Black Money of India

Big data is the massive volume of structured and unstructured data that has come from the heterogeneous, independent sources with distributed and regionalized control. Therefore it is going to play a vital role in financial and banking services post demonetisation because most of the bank transactions are done online. Big Data Analytics will examine the patterns of bank transactions to uncover the hidden fraudulent activities. The cash counting machines equipped with sensors will keep the track of unique number of notes will serve as flood of data that will help to determine the fake currency.