Dash For Cash

Digital transactions are yet to break India’s love affair with cash. Here’s why.

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Anglo-Indians in 1940s
The Anglo-Indians Of Mhow

There was a time in the 40s when many Anglo-Indian families moved to Mhow. Most of them worked as railways personnel. But now, most of the families have moved abroad

Denzil Lobo
Anglo-Indians In Whitefield: Preserving The Present

Established as an Anglo-Indian village in 1800s, Whitefield in Bengaluru is now an IT hub. However, in some lanes, one can still find ‘Little Gem’ and ‘Perfect Peace’—names of houses of Anglo-Indian families

Anisha Reddy
A Novel On Anglo-Indians
The Story of McCluskieganj

Journalist Vikas Kumar Jha first visited McCluskieganj in 1990 to write a story for a magazine. But he fell in love with the unique Anglo-Indian town and ended up writing a novel that has won many awards and accolades

Vikas Kumar Jha
McCluskieganj
Heterotopia

A world within a world is running out of time. But the voices of McCluskieganj’s past continue to resonate within its ruins, even as development takes over

Chinki Sinha
Opinion
The Future Of Anglo-Indians In India

Where are Anglo-Indians, as a community, heading? What does the future hold for them? Will they be around or would they be relegated to the pages of history books?

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Updated: 15 Jan 2021 1:12 pm

Circulation of currency grew by 13%

March 31, 2020 Rs 24,47,312 cr

January 1, 2021 Rs 27,70,315 cr

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Love for cash seems to know no bounds in India. Two events within a short span of time–demonetisation announced in November 2016, which led to long queues outside ATMs, and then the Covid-induced lockdown in March-June 2020—have reaffirmed that “cash is king”. The latest report of the country’s central bank, the Reserve Bank of India, states that currency in circulation grew by around 13 per cent in the first three quarters of the current fiscal. From Rs 24,47,312 crore on March 31, 2020, it went up to Rs 27,70,315 crore on January 1, 2021. The trend was already hinted at in the RBI’s Annual Report 2019-20, which said that demand for currency started to increase in the wake of heightened uncertainty due to the pandemic. “The main driving factor is the precautionary motive in uncertain times. Also, Indian preference for cash is legendary and it gets reinforced in these circumstances,” says CARE Ratings chief economist Madan Sabnavis. “Real India has been and will continue to use cash, while digital transactions will move in parallel. Several low volume transactions will be done through e-wallets, although the number of transactions will be high.”