India's cash usage persists despite digital growth

India continues to see significant growth in both cash circulation and digital payments, with the Reserve Bank of India holding 176 billion banknotes in circulation and printing nearly 30 billion new notes annually. Despite the surge in digital transactions via the Unified Payments Interface (UPI), cash usage remains robust, driven by its roles as a means of payment, store of value, and a hedge against system failures or emergencies. The persistence of cash reflects factors such as household savings, underground economies, and cultural preferences, highlighting that digital payments have not fully replaced cash in the country's economy.

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