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Cash is still king in India, but digital payments rising sharply: RBI

"India is next only to China in terms of the cash. However, the percentage of cash withdrawals to GDP has been constant in India at around 17 per cent," the report said.

Topics
Reserve Bank of India | Digital Payments | Currency in Circulation

Anup Roy  |  Mumbai 

cash
“India continues to have a strong bias for cash payments," the study noted.

Cash is still king in India, but there has been a perceptible shift in favour of digitisation in recent years, according to an internal study of the (RBI). Having a high (CIC) relative to gross domestic product (GDP) is a good indicator of cash being highly preferred for payments. Based on this assumption, “India continues to have a strong bias for cash payments," the study noted.

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First Published: Tue, February 25 2020. 02:40 IST
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