Since March 20, currency in circulation has risen to 26.9 lakh crore—a hike of 10% since the lockdown began. At the same time, the number of Rs 2000 notes in circulation has dipped sharply in two years. The preference for cash has seen year-on-year growth in currency held with the public (CwP) accelerating from 11.3% as on February 28, 2020 to 14.5% at end-March and to 21.3% by June.
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