ATM Cash Withdrawals: From demonetisation to demonetisation… now people are withdrawing so much cash from ATMs

ATM Cash Withdrawals: From demonetisation to demonetisation… now people are withdrawing so much cash from ATMs

There is a saying in English, ‘cash il king’. It is often used to criticize new means of payment. It is believed that less tech savvy and old fashioned people prefer cash. However, new figures present a contrary picture. Even though digital payment has increased rapidly in the country, but along with it the use of cash has also increased a lot.

The use of cash has increased so much

Banking CMS Infosystems, a logistics and technology service provider, has been quoted as saying that the use of cash has increased rapidly since demonetisation in the country. Demonetisation was done in India in November 2016 and then the prevailing notes of Rs 500 and Rs 1000 were put out of circulation. After that digital payment has got a big boost. One of the objectives of demonetisation was to discourage cash transactions. However, statistics show that there has been a 235 per cent jump in cash withdrawals from ATMs since demonetisation.

These states are withdrawing more cash than ATMs

According to statistics, After 76 months, by the end of March 2023, the figure of cash withdrawal from ATMs has increased by 235 percent to reach Rs 2.84 lakh crore. The company said that there was a 16.6 per cent increase in cash filling in ATMs by it during the financial year 2022-23. States like Maharashtra, Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh are ahead in this matter. Together, these states contributed more than 43 percent to the total cash inserted in ATMs. Tremendous boom has been recorded in giving. Reserve Bank Governor Shaktikanta Das gave this information in a program on Wednesday. According to the RBI governor, in the year 2016, where around 2.28 crore digital transactions were taking place every day across the country, now their number has increased to 38 crore. At present, an average of 37.75 crore digital transactions are taking place in the country every day and UPI has the highest share in these. About 29.5 crore digital transactions are being completed every day through UPI alone.

These figures show that even though digital transactions have increased a lot in the six years from demonetisation to demonetisation. , But there has not been a decrease in the use of cash, but transactions in cash have also increased during this period.

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