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.

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