How has demonetization affected informal lending in India?

Lending interest rates dropped from 30% to 5%! This is hitting informal lenders hard, who were using black money to lend to borrowers in cash at high rates. The time is right for lending and borrowing to move online for a more rational lending market!

http://economictimes.indiatimes.com/industry/banking/finance/demonetisation-interest-rates-in-grey-market-for-loans-drop-to-5-from-30/articleshow/55446162.cms