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According to the CMS report, the ATM cash withdrawals zoomed 235 per cent to Rs 2.84 lakh crore in March 2023 in a matter of 76 months after demonetization.
The recent decision by the Reserve Bank of India to stop printing the Rs 2,000 note which was introduced post demonetisation has had mixed responses.
The future of Rs 2000 note will depend on whether RBI is successful in getting back all the Rs 2000 notes that's currently circulating in the economy.
Banknotes in circulation are now 15.1 percent of money supply, compared to 13.7 percent in the September 2016 quarter
Dedicated counters have been set up at banks, anticipating a rush to swap Rs 2,000 notes for smaller denominations.The Reserve Bank of India said that the process of swapping the Rs 2,000 notes, which will remain legal tender will begin Tuesday, May 23. The process will continue till the end of September.