It didn't even succeed at that. The same data shows that households are keeping more of their savings as cash, rather than less.

Much of the impact of demonetization was experienced as an acute cash shortage, with restrictions on accessing money in bank accounts and difficulty withdrawing cash from ATMs, whereas actual cash could be exchanged relatively easily on the black market. The lesson learned was, quite correctly, not "keep your money in banks where it'll be safe from future demonetization attempts", but "keep your money out of banks where it'll be safe from future demonetization attempts".

It was a failure on every level.