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Opinion | Reduce the country’s preference for cash

India outbreak economy Coronavirus
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An upsurge of paper currency in public hands since the start of March could add to our coronavirus risk. To reduce this demand for cash, let’s address each of the reasons for it Observers have long held that Indians have a keen sense of upcoming difficulties.

They may be right. As March began, India was still in an early stage of its covid outbreak, but a rush to withdraw cash from banks had already begun.

According to a report that cites data from the Reserve Bank of India (RBI), the first two weeks of that month saw a jump of about ₹53,000 crore in cash available with the public, a spike over the fortnightly average of ₹8,435 crore over the previous 12 months.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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