Cash in circulation (CIC) in the Indian economy has risen sharply since demonetisation. CIC, which was 10.7% of GDP in FY18 has risen to 14.5% in FY21. Five years after demonetisation, most fintechs remain loss-making and must spend millions more to acquire customers and merchants. But cash—anonymous, convenient and handy—is still preferred by the average Indian.
Indians refuse to let go of cash
Cash in circulation, which was 10.7% of GDP in FY18 has risen to 14.5% in FY21.
By Divya Guha,