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Rise in Currency with Public
May 25 , 2021
1624 days
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- According to the Reserve Bank of India (RBI) the currency with the public rose by Rs 35,464 crore to hit an all-time high of Rs 28.39 lakh crore.
- The currency with the public has been rising over the last 14-month period, since the pandemic broke out.
- Between March and June 2020, people withdrew cash heavily from banks in the wake of lockdown as dependence on cash transactions rose.
- Its pace slowed after July 2020, in one with decline of cases.
- However, it gathered momentum in February 2021 as the cases started rising.
- Since the government announced demonetisation on November 8, 2016, the currency with public has risen by 58 per cent.
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