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Surge in demand for cash post demonetization- RBI

May 28, 2018

Surge in demand for cash post demonetization- RBI

Unlike the belief that demonetization would bring down the Currency with People (CwP) and increase the usage of digital money, RBI has observed a sudden surge in the demand for cash among people. The CwP has gone up from Rs. 17 trillion in Nov 16 to around Rs. 18.25 trillion in Apr 18. This is 7% higher than the cash demand seen before demonetization says RBI. According to a RBI data, there has been an addition of around 7.68 million credit and 6.18 million debit cards between Mar 2017 and Mar 2018 increasing the total number of credit and debit cards to 37.5 million and 861 million respectively.

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