Narendra Modi, India's prime minister, wants merchants to start accepting cards and digital payments in line with his decision last month to scrap 86 per cent of the country's banknotes overnight. But in a country with 700 million debit cards there are only 700,000 shops with machines to accept card payments. Each of these shops has two on average, giving India a ratio of one machine for every 1,785 people. In comparison, Europe has one for every 119 people, China one for every 60 people and the US one for every 25 people, according to the Financial Times. Barclays Economics Research says the failure of the Italian referendum is likely to exacerbate concerns about the Italian banking sector, CNBC reports. A number of Italian banks have recapitalisation plans, such as Banca Monte dei Paschi di Siena which is seeking €5 billion of capital. Barclays' concern is that investors will hold off as they wait to see what political developments flow from the referendum outcome. Other commentators expressed similar concerns. Royal Bank of Scotland said that it had agreed a settlement with the majority of shareholders over complaints about the way it carried out a rights issue at the height of the financial crisis, reports US news service TheStreet. Two out of the five shareholder groups involved in the litigation have accepted settlement offers. The bank has said it will continue its attempts to settle with other investors ahead of a trial scheduled for March 2017 in the UK. RBS has offered to make as much as £800 million (A$1.36 billion) available to the litigants, who allege the bank misled them over the true state of its balance sheet when it carried out a record £12 billion rights issue in June 2008.