Currency in circulation up by Rs 5 lakh crore in 2020
Currency in circulation up by Rs 5 lakh crore in 2020 SECTIONS Share Synopsis Currency in circulation (CIC) went up by a record Rs 5 lakh crore in 2020 as Indians joined the global dash for cash in the wake of the Covid-19 pandemic. With gross domestic product (GDP) expected to shrink by 7.5% in FY21, the currency-to-GDP ratio could cross 15%. Agencies As Covid-19 cases in India rose last year, deposit growth slowed and year-on-year growth in currency with the public accelerated from 11.3% as on February 28, 2020, to 14.5% by end-March 2020 and to 21% in June 2020. (This story originally appe...
Source: indiatimes.com