Despite six years of demonetization and the boom in digital payments, the total cash with common people in the country has increased by Rs 13.18 lakh crore. To curb corruption and black money, PM Narendra Modi demonetization on November 8, 2016.
According to the Reserve Bank of India (RBI) data, the economy had a cash balance of Rs 17.7 lakh crore in the fortnight of November 4, 2016. It increased to Rs 30.88 lakh crore on October 21, 2022. That is, cash grew by 71.84 percent in six years.
According to the RBI report, the popularity of new and convenient digital payment options has increased since the Corona era. While digital payments have grown in terms of value and numbers in recent years, with the economic recovery, the cash-to-GDP ratio in the system has also picked up.
Digital payments have traditionally been less
According to the report, an increase in the ratio of digital payments to GDP does not indicate that there is a decrease in cash. There was a significant increase in digital transactions after demonetization. However, digital payments to GDP have traditionally been low.
However, cash circulation on Diwali is the lowest in 20 years.
This year, in the week of Diwali, there was a shortfall of Rs 7,600 crore in cash movement. This happened for the first time in twenty years. In 2009, there was a decline of 950 crores during this period. The main reason then was the economic slowdown. SBI economists claim this happened due to the increase in digital payments.
The Indian economy is going through a structural change. Economists say technological innovations have transformed the Indian payment system. The economy is no longer cash-based, but smartphone based.
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