UPI is everywhere, so why is India still using more cash?
- RBI has 176 billion banknotes in circulation even as UPI transactions approach a billion a day.
- RBI prints 28–30 billion new notes yearly while retiring roughly 21 billion old notes.
- Cash remains useful for payments, savings and emergencies, even as digital payments replace everyday cash use.
- Economists call this the “cash paradox”, where cash holdings rise despite its shrinking share of transactions.
Source: bbc.com
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