Thursday, November 8, marks the second anniversary of the demonetisation movement. On the same day, in 2016, Prime Minister Narendra Modi announced that the ₹ 1000 currency ticket and ₹ 500 currency memo will no longer be legitimate. This note constitutes more than 86% of circulated currencies.
One of the goals of demonetisation was to move to & # 39; cashless & # 39; society. However, it seems that the goal has not been achieved after two years.
According to data from the Reserve Bank of India (RBI), on October 26, 2018, it rose to 19.6 lakh crore with a growth rate of 9.5% over two years ago. CURRENCY The currency circulated on November 4, 2016, the week before the currency entered into force, was 17.9 lakh crore.
When cash is returned to the system, the ATM withdrawal is withdrawn. According to RBI data, ATM cash withdrawals grew 8% to $ 8.75 million in August 2018, from 2.54 lakh Crore in October 2016. October figures to be released in December can generally be higher as withdrawals increase. Festive season. Cash withdrawals at cash machines dropped sharply during the demonetization campaign, and in December 2016, they were 1.06 lakh crore.
As the withdrawal rate increased, the addition of ATMs slowed down. Approximately 8,000 ATMs have been added over the last two years. ATM expansion was resumed with the addition of about 1,000 ATMs per month for the three months to August 2018. As of August 2018 there is a 2.28 lakh ATM.
The mobile banking transaction in August 2018 is 2.06 lakh crore, 82% higher than the 1.13 lakh crore in October 2016.