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The 6th monthly withdrawal through the use of debit cards has seen a sharp rise post demonetisation. Since the government announced demonetisation in November 2016, debit card ATM withdrawals have increased by 235 per cent, says a new report. In December 2016 Rs. 84,934 crore in March 2023 as compared to the withdrawal of Rs. Withdrawal of 2.85 lakh crore was seen. The report said that the withdrawals in March were 121.33 per cent and 40.88 per cent higher as compared to the withdrawals seen in April 2020 and May 2021.
The findings of the report titled ‘India Cash Vibrancy Report 2023’ by CMS Info Systems showed a sharp decline in cash circulation in the Indian economy in the period immediately following demonetisation. However, later it saw an increase and till now it is indicating more than double growth. In October 2016, Rs. Cash circulation of 17.78 lakh crore was observed. Which fell in December 2016 to Rs. 9.43 lakh crore views. However, at the end of March it was Rs. 33.8 lakh crores. It is showing growth every year. At the end of March 2022, Rs. 32.09 lakh crore as compared to 5.33 per cent of the year-on-year growth. In April 2022 on the basis of three years Rs. 25.23 lakh crore as against a growth of 33.98 per cent in cash circulation, the report said. Also the Cash Circulation-to-GDP ratio from 2017-18 to 2020-23 was seen to be high at 14.39 per cent. While the average of the last three years is 11.8 percent.
The report highlights the importance of cash in the Indian economy. The report suggests that there is a need to broaden financial inclusion in the country and provide low-cost payment systems to all in society. The report said that in 2023-2023, there was a strong 10.1 percent monthly average growth in cash deposits at ATMs and a 1.3 times strong growth in per point cash collection from e-commerce companies. The report also reveals that CMS Info Systems expects ATM cash deposits to grow by 16.6 per cent across India in 2022-23. The report said that in 2023-2023, there was a strong 10.1 percent monthly average growth in cash deposits at ATMs and a 1.3 times strong growth in per point cash collection from e-commerce companies. The report also reveals that CMS Info Systems expects ATM cash deposits to grow by 16.6 per cent across India in 2022-23. The report said that in 2023-2023, there was a strong 10.1 percent monthly average growth in cash deposits at ATMs and a 1.3 times strong growth in per point cash collection from e-commerce companies. The report also reveals that CMS Info Systems expects ATM cash deposits to grow by 16.6 per cent across India in 2022-23.
