BusinessPhoto: Business StandardTen Years After Note Ban, India's Cash Use Doubled Despite UPI Growth
A decade after the 2016 demonetisation, India's cash usage has more than doubled despite the rise of digital payments like UPI. Currency in circulation grew from ₹17.77 trillion in November 2016 to ₹43.16 trillion by October 2026, a 143% increase. The RBI noted an 11.9% annual rise in FY26, with cash demand recovering after initial shortages caused by demonetisation.
Business Standard·


