Maharashtra, Tamil Nadu, Gujarat, Karnataka and Uttar Pradesh to fill 43.10% of ATM cash in 2022-23. (PTI/File)
The CMS India Cash Vibrancy Report 2023 shows that cash withdrawals from ATMs using debit cards across India jumped 235% to Rs 2.85 lakh crore from Rs 84,934 crore in December 2016.
ATM cash withdrawals using debit cards across India jumped 235% to Rs 2.85 lakh crore in March 2023, from Rs 84,934 crore in December 2016, says a report by banking logistics services provider CMS Info Systems.
The CMS India Cash Vibrancy Report 2023 says December 2016 recorded the lowest monthly ATM cash withdrawals using debit cards after demonetisation of Rs 500 and Rs 1,000 in the previous month.
In 2023, ATMs in Karnataka saw the highest average cash fill of Rs 1.73 crore per ATM, which is 18.14% higher than the average cash fill of Rs 1.46 crore per ATM in FY 2022.
In terms of highest annual growth in average ATM cash replenishment per ATM, Delhi, Karnataka, Tamil Nadu, Kerala and Maharashtra grew by 23.78%, 18.14%, 15.77%, 14.67% and 13.69% respectively in the previous financial year.
Maharashtra, Tamil Nadu, Gujarat, Karnataka and Uttar Pradesh are the top five states with highest GSDP. Together, these states account for 43.10% of ATM cash replenished by 2022-23.
According to RBI data, cash withdrawals at ATMs in March were Rs 2.86 lakh crore. Of this, Rs 396 crore was withdrawn using credit cards and Rs 1,411 crore was withdrawn using prepaid cards. For the financial year 2022-23, ATM cash withdrawals stood at Rs 33.04 lakh crore.
“Post demonetisation, currency circulation (CIC) declined by 33.14% monthly from Rs 17.78 lakh crore in October 2016 to Rs 1.88 lakh crore in November 2016. In the post-demonetisation period, the lowest CIC was recorded at Rs 9.43. lakh crore in December 2016, and Rs 33.80 lakh crore in March 2023, an increase of over 3.58 times or 258.39% over a span of 76 months,” the report said.
The report illustrates the strong demand for cash-based transactions in India — from ATM cash withdrawal patterns in metropolitan, semi-metropolitan, semi-urban and rural centers to sector-level analysis of business activity through retail cash management data.
“The report demonstrates the relevance and importance of cash in the Indian economy. It is important to widen financial inclusion and provide a convenient and low-cost payment system that is accessible to everyone in society. We saw a 10.1% increase in monthly average cash replenishment at ATMs in FY23,” the report said.
“It is noteworthy that a significant portion of India’s population is unbanked, without access to formal banking services. These individuals rely on the use of cash on a daily basis as the primary means of conducting transactions. Penetration of financial and digital literacy leads to security concerns for digital payments despite the convenience they offer. The right balance of cash and digital payments will take a growing economy like India on an upward trajectory,” the report said.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.