With an average withdrawal rate of Rs.5000 from ATMs

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Mumbai, Ta. 20 November 2020, Friday

Bank account holders have been withdrawing an average of Rs 2,000 at a time from ATMs, which is the highest ever. In August this year, whenever account holders withdrew money from ATMs via debit card, the average withdrawal amount was Rs 6, according to RBI data.

The cash-in-circulation figure was also at a record high of Rs 2.18 lakh crore in October. This figure is going to be 12% of GDP. In August, debit cards were transacted at ATMs and point of sales to the tune of Rs 3,6,8 crore.

While the amount of cash withdrawals has increased by 10 per cent since November last year, the number of UPI payments has increased by 20 per cent to an average of Rs 150 during the same period.

Withdrawals from ATMs had declined in the early days of the lockdown, but have now returned to pre-Covid-12 levels, RBI sources said. Despite the increase in digital payments during the Corona period in the country, the cash currency is still seen to be high.

A large number of people in the country prefer to keep a large amount of cash in hand so that work can be done in an emergency.


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