BE/RBINOTE/38/2020
There is huge demand for cash at any point of time, especially in Indian type of markets. An RBI release named MODELLING AND FORECASTING CURRENCY DEMAND IN INDIA: HETERODOX APPROACH authored by former Executive Directors and members of the Monetary Policy Committee (MPC) reveals that the fourth quarter of fiscal year 2019-20 accounted for an ATM withdrawal of Rs. 9.12 trillion, whereas the value of card and mobile payments as per the current figure available, amounted to Rs. 10.57 trillion. Perhaps this was due to the lockdown period when people were not willing to touch any ATM machine due to the fear of contracting Corona Virus.
Let us go through more details from the article appended below:
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