Reserve Bank of India calls rising cash a 'cash paradox'
India's using more digital payments than ever, but oddly, cash in circulation is still climbing fast: something the Reserve Bank of India, or RBI, calls a "cash paradox."
Deputy Governor Shirish Chandra Murmu says this makes it tough to predict how much cash the country will actually need.
Even though apps and online transfers are rapidly adopted, cash is still a lifeline for rural areas, small businesses, and people with limited digital access.
RBI manages India's 176 billion banknotes
India has a massive cash system: think 176 billion banknotes out there.
Every year, 28 to 30 billion new notes are printed while 21 billion old ones get replaced.
To keep things running smoothly (especially where digital isn't an option), the RBI relies on five-year forecasts and keeps currency available through regional offices, banks, ATMs, and business correspondents across the country.