Demonetisation effect: Demand for cash rises 7%, says RBI

Over the past four years, through its twin policies of Jan Dhan Yojana and demonetisation, the govt has taken necessary steps to expand banking services substantially.

People’s demand for cash continues to head northwards compared to pre-demonetisation levels despite the frequency of digital transactions going up and a substantial increase in bank deposits since November 2016.

Currency with the public (CwP), or people’s demand for cash or currency, is 7 per cent higher at Rs 18.25 trillion at the end of April compared to Rs 17 trillion at the beginning of November 2016, the Reserve Bank of India’s (RBI) data reveals.
 

Over the past four years, through its twin policies of Jan Dhan Yojana and demonetisation, the government has taken necessary steps to expand banking services substantially.