It is a statement which is de jure incorrect but de facto correct. The timelines were completely unrealistic from a logistical standpoint. India is not yet at

It is a statement which is de jure incorrect but de facto correct. The timelines were completely unrealistic from a logistical standpoint. India is not yet at a stage where poor people can make their day-to-day transactions with debit cards instead of cash. Being able to deposit their savings in time by the deadline is a pointless irrelevancy if the bank cannot give them enough valid currency in return for their daily needs. One needs only look at the downturn in India's recent economic figures to see the macro results.