The Currency in Circulation grew by around 13 per cent in the first nine months of the current fiscal as people preferred holding on to cash as a precautionary measure amid Covid uncertainty
Data released by the Reserve Bank of India showed that in calendar year 2020, the currency in circulation growth was way higher than 2019's 11.8 per cent growth rate
"India is next only to China in terms of the cash. However, the percentage of cash withdrawals to GDP has been constant in India at around 17 per cent," the report said.