The tendency to keep cash in hand still persists

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- Increase in cashless transactions but

- Steady increase in share of large currency notes in currency in circulation

Mumbai: Even though more and more people are turning to digital payments in the country for buying and selling transactions, there is also an increase in Currency in Circulation (CIC).

As a result of the tendency to keep cash in hand, especially to hoard high value currency notes, the share of high value currency notes in CIC is also high, according to a Reserve Bank report.

Digital payments are replacing cash transactions but the sentiment to hold cash still hasn't gone from the people of the country. CIC is witnessing growth due to increase in demand for high value notes.

Circulation of high value notes increased significantly during Corona period. According to the Reserve Bank report, there was an increase of 19.40 percent in circulation of high value notes in 2020-21 and this increase was 11.30 percent in 2021-22.

Compared to this, the share of low value notes has remained stable in CIC. There has also been a significant reduction in the amount of money withdrawn from ATMs which indicates that the need for cash for day-to-day transactions is decreasing.

The Reserve Bank has been continuously striving for the last few years to increase digitization and cashless transactions in the country and is making new means available.

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