Cash With Public At Record High Of INR 30.88 Lakh Crore According to reports, at INR 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016

Currency with public has reportedly jumped to a new high of INR 30.88 lakh crore as of October 21, signifies that cash usage is still robust even six years after the demonetization move. According to reports, at INR 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016.

As per the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to INR 30.88 lakh crore as on October 21. The central bank for data Reserve Money had put the currency in circulation at INR 17.7 lakh crore on November 4, 2016.

Currency with public means the notes and coins used by people to transact, settle trades, and for buying goods and services. Cash usage 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 fillip to such digital modes.

A 2019 RBI study on digital payments had partly addressed the issue. "Although digital payments have been growing gradually in recent years, both in value and volume terms across countries, data also suggests that during the same time, currency in circulation to GDP ratio has also increased in consonance with the overall economic growth," it had said.