Digital payments take a quantum leap due to sustained efforts towards digitalisation

Pankaj Chaudhary, Minister of State for Finance, informed that total volume of digital payments have increased to 4371.18 crore in January 2021 from Rs 1459.02 crore in 2017-18 due to the government’s continuous efforts towards digitalisation.

The minister informed,  in a written reply to a question in Lok Sabha, that the quantum of the bank notes in the economy depends on GDP growth, replacement of soiled bank notes, inflation, etc. He said, on 4^th November 2016, the Notes in Circulation (NIC) were Rs 17,74,187 crore while on 29^th January 2021, Notes in Circulation were Rs 27,80,045 crore.