New Delhi. Do you know how much cash is withdrawn from ATM every month? If you do not have any information in this regard, then let us tell you that you have come to the right place, because here we are going to tell you how much cash is withdrawn every month in the ATMs of our country. To gather information in this regard, Capitalmind founder and CEO Deepak Shenoy has released a data on his Twitter handle, after which the business world has been abuzz with discussions.
He made it clear in the figures released by him that Rs 2 lakh 60 thousand crores are withdrawn every month in India. Which makes it clear that even today the number of ATM users is less considering the proportion of India’s population. At the same time, he did not shy away from saying in the post shared by him that the remaining cash printed by RBI is used for hoarding. Really small ecosystems like remote villages, real estate, bribes etc.
I checked out RBI data again for how much cash is being withdrawn from ATMs monthly – and the numbers look like it’s stagnant for five years. Roughly 260,000 cr. per month.
This is the transacted cash in the system (rest of the cash printed by RBI is used for hoarding, really… pic.twitter.com/LUAijpxZTH
— Deepak Shenoy (@deepakshenoy) September 18, 2023
He further said in this context that my definition of cash transacted is: you pay cash, the merchant puts it in your account, you withdraw more cash the next month. This doesn’t include things where you pay cash to A, and then A pays B, who pays C. Ultimately you may be paid all in cash – this is a very small universe in my opinion. However, one thing becomes clear from the above figures that even today the number of people using ATMs in our country is less.
And it’s not credit cards, really. CCs see about 1.37 lakh cr. per month of spending. UPI is like 14.75 lakh crore. That’s 14 trillion rupees each month. Cash is less important now in transactions than ever before, I think pic.twitter.com/3K39T5kXKL
— Deepak Shenoy (@deepakshenoy) September 18, 2023
One reason for this is that most of the people use tools like UII to complete their financial transactions. However, there are ATMs at various places for the convenience of the people. Deepak Shenoy, while sharing a figure in this context, said that CC is seeing a loss of about Rs 1.37 lakh crore. Expenses per month. UPI is like 14.75 lakh crores. That means Rs 14 trillion every month. At present,. The above figures have made one thing clear that now the role of cash is decreasing in economic transactions in the business world.
