Has India realised full potential of its paper currency?
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Last Updated: May 07, 2021, 11:18 PM IST
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Synopsis
Physical currency is recognised by the poor and rich, in villages and metros. It is a country’s visiting card that can capture the spirit of a nation, inspire and motivate. But has India realised its full potential?
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The writer is former regional director, Reserve Bank of India
Government paper currency was introduced in India in 1861. Some 160 years later, digital payments are gaining currency, and a central bank digital currency is around the corner. But paper currency is still here to stay. Notes in circulation will, in aggregate terms, soon cross Rs30 trillion and approach double pre-demonetisation level.
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