The Indian currency with the public jumped to a record high of Rs 30.88 lakh crore as of October 21, illustrating that people are still using cash even after six years after the demonetisation move.
The currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.
Prime Minister Narendra Modi on November 6, 2016 had announced to withdrawal Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reduce corruption and black money in the economy.
The move, which was criticised by several experts for poor planning and execution, has an intent to make India a “less cash” economy.
The currency with the public increased to Rs 30.88 lakh crore as on October 21, according to the fortnightly data on money supply released by the RBI on Friday.
On November 4, 2016, the central bank data for Reserve Money had put the currency in circulation at Rs 17.7 lakh crore.
The usage of cash has been steadily rising in the economy, even as newer and far convenient digital alternatives of payments have become popular. The Covid-19 pandemic, which laid an emphasis on contactless transactions, also gave a boost to such digital modes.
