Patna, Dec 19  Bihar Chief Minister Nitish Kumar on Monday said cashless economy is not possible in India now and added that it will take its own time to take shape with the development of the country.

"At present, a cashless economy is not possible in the country. Cash-based transactions will decrease slowly with the pace of our development process," Nitish Kumar told media here.

He said even a developed country like the US has only 40 to 45 per cent cashless economy.

Nitish Kumar reiterated that his support to demonetisation has nothing to do with the BJP.

"Only demonetisation is not enough to root out black money. The central government will also have to initiate action against benami properties."

He said: "We will come out with a 'point-by-point' analysis of the note ban after December 30, the deadline fixed by Prime Minister Narendra Modi for normalisation of the situation."