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Despite attacks, cash is still king in India





In times of crisis, they say cash is the king. Perhaps, the Reserve Bank of India’s (RBI) justification for the increased cash intensity in the economy in the previous year is built on this premise.

In its annual report for 2019-20 published last week, the central bank said the year ended with a surge in pandemic-related ‘rush to cash’. It noted that the currency-GDP ratio increased to pre-demonetisation level of 12 per cent in 2019-20 from 11.3 per cent a year ago.

The RBI said the rise in cash-intensity in the economy indicated a response to the pandemic which reflected in the form of a ‘dash to cash’ situation under extreme uncertainty.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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