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Percentage Of Cash Savings Up After One Year Of Demonetisation: RBI Report
A customer deposits cash at a bank. Image: INDRANIL MUKHERJEE/AFP/Getty Images
Data from the Reserve Bank Of India (RBI) shows that a year after demonetisation, the percentage of savings in cash has increased to 2.8 per cent of gross national disposable income (GNDI), Indian Express has reported. GNDI is the income available to the nation for final consumption and gross saving. The data was published in its annual report that was released yesterday (29 August).
“As per the Bank’s preliminary estimates, net financial assets of the household sector increased to 7.1 per cent of GNDI in 2017-18 on account of an increase in household assets in the form of currency, despite an increase in household liabilities,” the report said.
As per the report, the currency in public is more than pre-demonetisation levels. Currency with the public stood at Rs 17.01 lakh crore as on October 28, 2016, but it has increased to Rs 18.46 lakh crore as of August 3, 2018.
These statistics show that we are not moving towards a less cash economy, but returning towards pre-demonetisation scenario.
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