In one year, the cash supply grew 22% as people held on to it to deal with downturns and medical emergencies.
While the Covid-19 pandemic has provided a fillip to cashless transactions globally in a socially distanced world, cash continues to be king in India.
Recent data released by the Reserve Bank of India states that currency in circulation grew by about 13% in the first nine months of the current fiscal year as people preferred holding cash as a precautionary measure amid the uncertainty caused by the Covid-19 pandemic.
As of January 1 this year, the currency in circulation crossed 27.7 trillion rupees (US$378 billion) from 24.47 trillion ($333 billion) on March 31, 2020. On a calendar year basis, the currency in circulation grew by more than 5 trillion rupees, or 22%, from January 1, 2020, onward.
In the wake of the economic uncertainty caused by Covid-19 and to deal with any untoward medical emergencies, people preferred having cash as a precautionary measure.
Read more
While the Covid-19 pandemic has provided a fillip to cashless transactions globally in a socially distanced world, cash continues to be king in India.
Recent data released by the Reserve Bank of India states that currency in circulation grew by about 13% in the first nine months of the current fiscal year as people preferred holding cash as a precautionary measure amid the uncertainty caused by the Covid-19 pandemic.
As of January 1 this year, the currency in circulation crossed 27.7 trillion rupees (US$378 billion) from 24.47 trillion ($333 billion) on March 31, 2020. On a calendar year basis, the currency in circulation grew by more than 5 trillion rupees, or 22%, from January 1, 2020, onward.
In the wake of the economic uncertainty caused by Covid-19 and to deal with any untoward medical emergencies, people preferred having cash as a precautionary measure.
Read more
Behind Cashless Economy, Mass Surveillance?
