India's Currency in Circulation Hits Record Rs 40 Lakh Crore Despite UPI Surge

Last updated: 18 February 2026


India's currency in circulation (CiC) has surged to an all-time high of nearly Rs 40 lakh crore, even as digital payments, particularly Unified Payments Interface (UPI) continue to expand at record pace. Fresh analysis by SBI Research suggests that the spike in cash usage may partly reflect tempora

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