Decline in currency circulation during Diwali season, widespread use of digital payments

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Currency in Circulation Declines: Diwali festivals have seen a decline in currency circulation. According to a report by SBI Research, this time people have used digital transactions more than cash during festivals. This trend is being seen for the second year in a row which bodes well for the Indian economy. If we talk about the festive week of Diwali, the currency circulation will decrease to Rs. 5,900 crore which was earlier Rs. 7,600 crores.

Due to this there has been a rise in digital payments

The report attributes the major role behind the rise in digital payments to the government's efforts to digitize the economy. Interoperable payment systems like UPI, wallets and PPI have made transferring money digitally easier and cheaper, the report said. This has also benefited people who do not have bank accounts. New innovations like QR codes and NFC have also helped digital payments. Many big tech companies have also entered the industry. According to the National Payments Corporation, UPI saw over 11 billion transactions worth Rs 17.16 lakh crore in the month of October.

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