Cashless economy a far cry: Two year after note ban, cash is king again

In 2017, 80% of the adult Indian population had a bank account, said a recent World Bank report, as compared to just 53% in 2014

Two years after the government withdrew 86.4 per cent of the currency in the economy, cash has come back in a big way. 

The currency with the public (CwP) is 10.3 per cent higher than it was in the week preceding November 8, 2016 — from Rs 17.97 trillion to Rs 18.76 trillion. 

During the subsequent weeks following demonetisation, CwP fell to a low of Rs 8.98 trillion by January 6, 2017. It was only in May this year that CwP crossed the pre-demonetisation level. 

Two important factors have to be taken into account. While currency in circulation is higher