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Rs 100 Note Is The Darling Of Indians, Rs 2000 Note? Not So Much
RBI Annual Report 2021-22: According to data released by RBI, Indians prefer Rs 100 notes the most as compared to other banknotes. On the other hand, Rs 2000 note is the least preferred.
New Delhi: The Reserve Bank of India (RBI) recently released its Annual Report 2021-22. According to the data, Rs 100 notes are the most preferred banknotes among Indians. On the other hand, Rs 2,000 notes have been consistently falling in circulation. For coins, Rs 5 coins are the most prefered coins. Whereas, Rs 1 coins are the least liked.
According to the data in the report, Rs 2,000 notes in circulation have fallen from 17.3 per cent to 13.8 per cent. Notably, the RBI has not printed any new Rs 2,000 notes since 2018-19. These notes now account for only 1.6 per cent of the total currency notes in circulation. The report also stated that Rs 500 notes are being circulated the most in the Indian economy.
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ATMs being recalibrated
According to reports in March 2020, it was revealed that the government is recalibrating the ATMs across the country to dispense more Rs 500 and Rs 100 notes and fewer Rs 2,000 notes. The Rs 2,000 notes were being deposited by the banks in their reserves with the RBI.
However, Finance Minister Nirmala Sitharaman had stated that no such directions have been given to the banks.
Cash becoming favourite again
The report also stated that the use of cash as a mode of payment has been increasing in India. This can be attributed to the Covid-19 pandemic as people were opting to hold cash in hand to tackle the uncertainties.
According to RBI, the total number of notes in circulation increased from 12,437 crores in 2020-21 to 13,053 crores in 2021-22.
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