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It is the policy of the Government to move towards less cash economy and a digital payment ecosystem. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today. Giving more details as per weekly statistical supplement of Reser
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FAQ :
Digital payments in India have surged significantly, with volumes increasing from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21.
The government's policy is to move towards a less-cash economy and promote a digital payment ecosystem.
The amount of bank notes in circulation is influenced by GDP growth, inflation, the need to replace soiled notes, and the growth of non-cash payment methods.
Notes in Circulation were Rs 17,74,187 crore as of 4th November 2016 and Rs 27,80,045 crore as of 29th January 2021.
The data on digital payment volumes was provided by the Reserve Bank of India (RBI) in its weekly statistical supplement.
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