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Is CASH KING or do DIGITAL PAYMENTS lack the trust factor?
The adage "cash is the king" was challenged on November 8, 2016, when the government machinery decided to wipe out around Rs 14 lakh-crore worth high-value denomination currency from the economy. More than three months later, citizens are now getting back into the pre-demonetisation cash comfort zone. According to latest Reserve Bank of India data, currency in circulation increased to Rs 10.63 lakh crore at the end of February 17. This is an increase of 36 percent from Rs 7.81 lakh crore on December 9 — the lowest in the hands of the public after demonetisation.
Further, notes in circulation were up by another Rs 300 crore in the 20 days and have been consistently rising around those levels since the first week of January. RBI data show card usage at Point of Sale (PoS) terminals in January slumped 17 percent from the previous month while in value terms the reduction was 9 percent. In contrast, cash withdrawals at ATMs surged a massive 78 percent to Rs 1.5 lakh crore in January. The number of transactions was up by 13 percent.