Cash still king, average withdrawal from ATM hits record high of RS 5,000 | Cash remains the first choice of Indians despite increasing digital payments; On an average people are withdrawing about Rs 5,000 from ATM

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  • Cash Still King, Average Withdrawal From ATM Hits Record High Of RS 5,000

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new Delhi16 hours ago

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  • Indians set a new record in withdrawing cash from ATMs

Despite the increase in digital payments in India, cash remains the first choice among Indians. On an average, Indians are withdrawing about 5,000 rupees from ATMs at a time. A new record has been created in cash withdrawal from ATMs.

In August, people have withdrawn an average of Rs 4959 from an ATM. People have withdrawn a record Rs 26 lakh crore from their debit cards. There has been growth in digital payments and UPI transaction has also touched the figure of 2 billion rupees. This shows that the cash craze in India continues.

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Cash withdrawals have increased by about 10 per cent over November last year. There has also been an increase of about 20% in UPI payments. Rustam Irani, MD and CEO of Hitachi Payment Services, says that cash is an important part of India’s economy and people are getting easy access to cash due to ATMs.

After Corona, a large drop in cash withdrawals was observed in late March and April – May due to the nationwide lockdown, but the cash withdrawal started again from the month of June.

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