Currency in circulation to increase by Rs 5 lakh crore in 2020

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Mumbai, Ta. 07 January 2021, Thursday

In the calendar year 2020, the country's currency in circulation (cash in hand) increased by Rs 5 lakh crore. This increase is due to the strategy of ordinary citizens to keep cash in hand during the Corona period. While the economic growth rate for the current financial year is expected to slow to 6.50 per cent, the amount of cash in hand is expected to increase to 12 per cent from GDP, according to RBI data.

According to the data released by the RBI, between January 1, 2020 and January 1, 2021, currency in circulation in the country increased by Rs 2,01,605 crore. The total value of currencies in circulation has increased by 3% in a year to Rs 4,50,612 crore.

This is the first time that money in the hands of the people has been so high since the rise in banknotes. The financial year after the ban saw a 5 per cent increase in currency in circulation, according to RBI data.

In the last one decade, the amount of money in the hands of the people has increased by an average of 12.50 per cent on an annual basis while in the last fifty years it has increased by 18.50 per cent.

In the midst of the uncertainty created by the Corona in 2020, people adopted a strategy of keeping more and more cash with them. Deposit growth in banks also slowed last year as corona cases increased.

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