Currency in circulation soars 17 per cent

Mumbai: Despite the many an effort to shift to digital payments and usher in a digital payment economy, the currency in circulation has jumped by a hefty 17 per cent to Rs 21.10 lakh crore as of March 2019, the Reserve Bank says in its annual report for 2019.

The demand for the Rs 500 bill, which is the second highest denomination after the Rs 2,000 note, has soared the highest and now accounts for over 51 per cent of the value of currency in circulation, says the report released on Thursday.

"The value and volume of banknotes in circulation increased by 17 per cent and 6.2 per cent to Rs 21.10 lakh crore and 1,08,759 million pieces, respectively, in FY19," the report says.