Data released by the RBI on Wednesday showed that currency in circulation declined by Rs 5,934 crore to Rs 33.6 lakh crore during the week ended November 17. This year the festival of Diwali was celebrated between 10 November and 14 November.
The currency in circulation has declined by Rs 22,721 crore during the current financial year. While some of the decline is due to withdrawal of bank notes worth Rs 2,000 crore, bankers say the process was completed in October, with 97% of the notes returned.
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According to Soumya Kanti GhoshGroup Chief Economic Advisor, State Bank of IndiaThe decline in cash reflects the power of digital transactions. “With the increasing acceptance of digital payments in the country, excessive dependence on cash is gradually reducing. In October 2023, is i There is an increase of 85.3 crore transactions (month-on-month) worth Rs 1,36,600 crore in value terms,” he said.
One ecowrap The SBI research report analyzes the movement of currency in circulation during the Diwali week over the last two decades. CIC has gone up every year since the global financial crisis, except 2009. In 2021, CIC saw an increase of Rs 44,000 crore during the Diwali festival week. A year ago, during the pandemic, it had increased by Rs 43,800 crore.
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