India reports economy Dash India

The covid dash for cash awaits a clear response

Reading now: 358
www.livemint.com

₹27.9 trillion on 9 April, a figure published by the Reserve Bank of India (RBI). This surge was probably part of what an RBI report described as a “covid-19 induced dash for cash", with people in pandemic-ravaged cities scurrying for ATM machines to either use or stash away large sums of it.

While disruptions caused by local lockdowns may have been behind this display of the ‘precautionary motive’, as observed last year, anecdotal accounts over the past three weeks also point to felt or foreseen requirements of currency for medical emergencies.

Given our national push for online transactions in this digital age, the increased uptake of bank notes would seem like a slide-back.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News