--- title: "RBI says India’s cash demand grows despite digital payments surge" publication: "MediaBias News" url: "https://mediabias.news/business/rbi-says-indias-cash-demand-grows-despite-digital-payments-surge" api: "https://mediabias.news/api/v1/stories/rbi-says-indias-cash-demand-grows-despite-digital-payments-surge" markdown: "https://mediabias.news/business/rbi-says-indias-cash-demand-grows-despite-digital-payments-surge.md" audio: "https://mediabias.news/api/audio/rbi-says-indias-cash-demand-grows-despite-digital-payments-surge" category: "Business & Economy" area: "India" published: "2026-08-18T16:25:24.186Z" source_reported: "2026-08-18T15:07:29.000Z" updated: "2026-08-18T16:25:24.186Z" trust_score: 78 critic_score: 85 hype_score: 15 assessment_type: "coverage-and-source-reporting-analysis" fact_check_status: "not-performed" coverage_measured: "2026-08-18T16:15:13.472225+00:00" --- # RBI says India’s cash demand grows despite digital payments surge *Deputy governor Shirish Chandra Murmu highlights persistent cash use in rural areas and among low-income groups* **Scores for the source reporting** (0-100, assessing the original journalism this article was written from, not this write-up): - Trust 78 of 100, higher is better. Two full reports corroborate key figures and quotes. - Craft 85 of 100, higher is better. Quotes, figures and context provided in full reports. - Hype 15 of 100, lower is better. Headlines and digests are measured and proportionate. Scored by MediaBias News; method at https://mediabias.news/methodology. **The short version** - Reserve Bank of India deputy governor Shirish Chandra Murmu said cash remains a significant payment mode in India despite rapid digital adoption. - Currency in circulation continues to grow at double-digit rates, even as cash’s share of transactions declines due to digital payments. - The RBI produces up to 30 billion banknotes annually and is piloting polymer notes for lower denominations, aiming for a 2027-28 rollout. - Demand for cash is particularly strong in rural areas, among low-income groups, older people, and small businesses. Reserve Bank of India deputy governor Shirish Chandra Murmu said cash remains a significant payment mode in India, despite the rapid adoption of digital payments. Speaking at a Bank Indonesia event in Jakarta on 13 August 2026, Murmu noted that currency in circulation continues to grow at double-digit rates, even as cash’s share of individual transactions declines. Murmu said demand for cash is particularly strong in rural and semi-urban areas, among low-income groups, older people, and small businesses. India currently has about 176 billion banknotes in circulation, with the RBI producing up to 30 billion notes annually using domestic mills and printing presses. The central bank is piloting polymer banknotes for lower denominations, aiming for a rollout by 2027-28. The RBI uses a five-year forward projection to estimate currency demand, factoring in transactional demand and replacement requirements. Murmu said the persistence of cash alongside digital payments has created what the RBI calls a ‘cash paradox’, complicating planning for production and distribution capacity. ## What the coverage left out No left-rated outlet ran this story. None of the right-rated digests mentioned the RBI’s pilot of polymer banknotes for lower denominations or its efforts to reduce the carbon footprint of the cash cycle. The centre-rated reports carried both details. ## Who covered it Shares of the 8 covering outlets with a published leaning rating: - Left: 0% (0) - Centre: 37% (3) - Right: 63% (5) 2 of 10 covering outlets carried no usable leaning rating and were excluded from those percentages. Coverage measured 2026-08-18T16:15:13.472225+00:00. **Coverage watch:** developing. Checked 2 times; 0 checks found a material change. Most recently checked 2026-08-18T16:45:23.249Z. ## How the sides framed it ### Left No separate framing summary. ### Centre - Live Mint and The Economic Times, the two centre-rated outlets that published full reports, led on the RBI’s challenge in predicting future cash demand. Live Mint quoted Murmu’s speech directly, framing cash as central to monetary sovereignty. It reported the RBI’s pilot of polymer banknotes and the scale of India’s currency ecosystem, including the annual production and disposal of banknotes. - The Economic Times focused on the difficulty of forecasting demand amid the ‘cash paradox’. It reported Murmu’s comparison of India’s banknote circulation with that of the US and eurozone, noting that India’s higher volume is partly due to a denomination mix weighted toward lower-value notes. Both outlets carried Murmu’s remarks on the RBI’s efforts to improve note durability and reduce the carbon footprint of the cash cycle. ### Right - The five right-rated digests led on the persistence of cash demand despite digital payment growth. Deccan Chronicle, rediff.com, Moneycontrol, Times of India, and The Hindu Business Line each reported that currency in circulation continues to grow at double-digit rates. The Hindu Business Line and Deccan Chronicle used the phrase ‘cash still king’ in their headlines. - The digests carried Murmu’s observation that cash demand is particularly strong in rural areas, among low-income groups, and small businesses. None of the right-rated digests mentioned the RBI’s pilot of polymer banknotes or the central bank’s sustainability efforts to reduce the carbon footprint of the cash cycle. **Provisional coverage gap:** left. The watch is not closed, so this is not yet a settled blindspot finding. ## Factuality profile of the covering outlets These are published factuality ratings of the outlets, not a verdict on whether this story or its claims are true. - mixed: 4 - high: 2 - unknown: 2 - veryHigh: 2 ## Verification scope This page compares coverage and scores the source reporting. It is not a ClaimReview verdict on whether the underlying event or claim is true. ## Original reporting this was written from - [Bloomberg](https://bloomberg.com/news/articles/2026-08-18/india-s-digital-payments-boom-fails-to-dent-demand-for-cash) — India's Digital Payments Boom Fails to Dent Demand for ... - [Deccan Chronicle](https://deccanchronicle.com/nation/mumbai-cash-in-circulation-has-not-declined-despite-rapid-growth-in-digital-payments-rbi-deputy-governor-murmu-1980224) — Mumbai: Cash In Circulation Has Not Declined Despite Rapid Growth In Digital Payments: RBI Deputy Governor Murmu - [rediff.com](https://rediff.com/business/report/rbi-grapples-with-cash-paradox-amid-digital-payments-jump/20260818.htm) — RBI Deputy Governor Highlights 'Cash Paradox' Amid Digital Payment Surge - [Yes Punjab](https://yespunjab.com/cash-in-circulation-continues-to-rise-in-india-despite-digital-payments-surge-rbi-deputy-governor) — Cash in circulation continues to rise in India despite digital payments surge: RBI Deputy Governor - [Ommcom News](https://ommcomnews.com/business-news/indias-cash-in-circulation-on-rise-even-amid-surge-in-digital-payments-rbi-deputy-governor) — India’s Cash In Circulation On Rise Even Amid Surge In Digital Payments: RBI Deputy Governor - [Moneycontrol](https://moneycontrol.com/news/business/digital-payments-are-booming-but-rbi-says-cash-demand-is-getting-harder-to-predict-14009255.html) — Digital payments are booming, but RBI says cash demand is getting harder to predict - [Live Mint](https://livemint.com/news/despite-digital-surge-cash-remains-indias-crucial-payment-mode-rbis-murmu-11787041838125.html) — Despite digital surge, cash remains India's crucial payment mode: RBI's Murmu - [Times of India](https://economictimes.indiatimes.com/news/economy/finance/rbi-finds-cash-demand-harder-to-predict-as-digital-payments-grow/articleshow/133317778.cms) — RBI finds cash demand harder to predict as digital payments grow - [The Economic Times](https://m.economictimes.com/news/economy/finance/rbi-finds-cash-demand-harder-to-predict-as-digital-payments-grow/articleshow/133317778.cms) — RBI finds cash demand harder to predict as digital payments grow - [The Hindu Business Line](https://thehindubusinessline.com/money-and-banking/cash-still-king-in-india-despite-digital-boom-says-rbi-deputy-governor-murmu/article71359298.ece) — Cash still king in India despite digital boom, says RBI Deputy Governor Murmu ## Questions **Why is cash demand still growing in India despite digital payments?** Reserve Bank of India deputy governor Shirish Chandra Murmu said cash demand remains strong in rural areas, among low-income groups, older people, and small businesses. Currency in circulation continues to grow at double-digit rates even as digital payments expand, creating what the RBI calls a ‘cash paradox’. **How many banknotes are in circulation in India?** India currently has about 176 billion banknotes in circulation, according to Reserve Bank of India deputy governor Shirish Chandra Murmu. The RBI produces up to 30 billion notes annually using domestic mills and printing presses. **What is the RBI doing to improve banknote durability?** The Reserve Bank of India is piloting polymer banknotes for lower denominations, aiming for a rollout by 2027-28. Murmu said the central bank is also exploring surface coatings and other methods to extend the life of banknotes. --- MediaBias News — https://mediabias.news. Reproduced from https://mediabias.news/business/rbi-says-indias-cash-demand-grows-despite-digital-payments-surge. 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