homeeconomy NewsCash demand rises since demonetisation despite jump in digital transactions, says report

Cash demand rises since demonetisation despite jump in digital transactions, says report

Cash demand rises since demonetisation despite jump in digital transactions, says report
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By CNBC-TV18 May 22, 2018 10:22:47 AM IST (Published)

RBI has claimed that people’s demand for cash stands at Rs 18.25 trillion at the end of April, a 7% rise compared to Rs 17 trillion at the beginning of November 2016.

The demand for cash has increased post-demonetisation even with the rise in digital transactions and increased bank accessibility, reported Business Standard.

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The RBI said that people’s demand for cash stands at Rs 18.25 trillion at the end of April, a 7% rise compared to Rs 17 trillion at the beginning of November 2016, said the report.
This is despite the effort by the government to expand banking services in the country by introducing Jan Dhan Yojana and demonetisation, the daily said.
According to the report, around 80 per cent of Indians have a bank account.
This, in turn, has led to increase in bank deposits. Presently, the total bank deposits with the countries’ commercial banks have risen  to Rs 27.2 trillion in April from Rs 21.8 trillion in November 2016, the report said.
The period also saw banks distribute nearly 9.7 million credit cards and 130 million debit cards, bringing the total number to 37.5 credit cards and 861 million debit cards, the report added.
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