India’s love for cash prevails as ATM withdrawals report 22% surge in April

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DemonetisationCash withdrawals from ATM machines have reported a 22 per cent increase in April as compared to the last year’s performance and reached the figure of Rs 2.6 lakh, said a Reserve Bank of India (RBI) report.

The data reported by the RBI study suggests that the adoption of e-payments over the past year has not been able to hinder India’s love for cash.

The figure has surpassed the average of Rs 2.2 lakh crore in months prior to the announcement of demonetisation of higher denomination notes.

As reported by RBI, the debit card swipes in April across India stood at 759 million, an increase of 15 per cent from 660 million a year ago.

Further, the debit card usage at point of sales or PoS terminals increased to 333 million in April, an increase of 24 per cent from 268 million a year ago.

The change reported this year in complete contrast. In October 2016, debit cards were swiped only 140 million times at PoS terminals.

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