A Busy Year for the RBI

The Reserve Bank of India (RBI) has published its 2020/21 Annual Report which saw a small rise in demand for banknotes and the RBI continuing with its programme of developing how it does its business.

Cash in circulation rose slightly, with the banknote volume rate of increase rising from 6.6% per annum to 7.2%. The rate of increase for coins fell from 1.2% to 1% in the last year.

The 500 and 10 rupee notes are the most used banknotes, representing 85.7% of notes in circulation. The number of 500 rupee notes increased to 31.1%. It was the only denomination to have a double digit growth rate, 31.3%, continuing a strong growth trend since 2014-15.

Growth in coin volumes was lower, with the 10 rupee enjoying the highest rate of increase, 2.5%. A new 20 rupee coin was introduced during the year.