Are top banks getting their economics wrong?
A mere statement from the RBI assuring that “robust systems” exist isn’t enough
A mere statement from the RBI assuring that “robust systems” exist isn’t enough
Cash withdrawal using debit cards at ATMs stood at ₹2.86 lakh crore in March 2023.
Expansion of absolute cash in circulation has to be seen holistically with growth in GDP and uptick in digital transactions.
With the increased acceptance of digital payments in the country, the over reliance on cash is slowly fading away.
Cash in circulation, which was 10.7% of GDP in FY18 has risen to 14.5% in FY21.