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Cash Continues To Thrive Despite India's Digital Payments Boom. Cash use in India continues to grow despite the country's rapid adoption of digital payments, creating what the central bank has described as a "cash paradox”. The Reserve Bank of India says there are now around 176 billion banknotes in circulation, with up to 30 billion new notes being printed each year. At the same time, transactions through India's Unified Payments Interface digital system are approaching one billion a day. Although cash now accounts for a smaller proportion of individual payments, the overall amount of physical currency held by people and businesses continues to rise at double-digit rates. Reserve Bank deputy governor Shirish Chandra Murmu said the contrasting trends were making future demand for banknotes increasingly difficult to predict. Cash remains particularly important in smaller towns and rural communities, where local banking agents help distribute physical currency.
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