UPI tops 200B transactions yet cash in circulation jumps 11.4% in FY26
RBI's FY26 report flags a paradox: retail digital payments surged 26.9% by volume and UPI grew 30%, but currency in circulation still rose 11.4%. Welfare transfers, GST and tax cuts fuelling spending, and a gold/silver rally — nearly half of core inflation in H2 — are keeping cash in play alongside digital rails.
UPI crossed 200B transactions in FY26 with 30% growth, yet RBI data shows currency in circulation still rose 11.4% on welfare and gold demand.
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