Sunday, August 1, 2021

Cash withdrawal hits record high fearing lockdown

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With the country proceeding towards a probable lockdown, citizens are busy withdrawing cash to survive the crisis. As the pandemic situation deteriorates, data released by the apex bank of the country, the Reserve Bank of India (RBI) shows that in the six-week period between February 27 and April 9, currency with the public rose by Rs 52,928 crore.

Fearing a similar cash crisis that happened during last year’s sudden lockdown, public have started withrawing large amounts. The rate of currency with public this year jumped 16.7 per cent, or Rs 3,98,382 crore, compared to a rise of 14.6 per cent, or Rs 3,03,955 crore, in the same period of last year, showed the data provided by RBI.

However, the trend of higher cash withdrawals gained momentum once again from February 2021, data showed. In the RBI data it also showed that in six-week period between February 27 and April 9, currency with the public have risen by Rs 52,928 crore.

According to various economist experts, due to the ongoing second Covid-19 wave and fear of imposition of lockdown has played a vital role in increase of currency withdrawal in the country.

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