Currency Demand: Uttar Pradesh, Tamil Nadu, and Maharashtra lead cash movement in India amid digital payment growth
Uttar Pradesh, Tamil Nadu and Maharashtra were the top three states which saw maximum cash movement through their currency chests in May, reflecting the demand for both credit and deposits in the states with the biggest populations and subnational economies, respectively. Latest central bank data also showed that five states accounted for around 40% of the Rs 2.97 lakh crore worth of cash deposited and Rs 3.29 lakh crore withdrawn through the currency chest in the respective states. AgenciesWhile the digital payments ecosystem in India has taken off, the demand...