10 years after demonetisation, cash in circulation is at a record ₹43.46 lakh crore
The 8 November 2016 note ban was meant to curb black money and push digital payments. UPI exploded, but India's cash habit survived.
- Cash before ban: ₹17.74 lakh crore
- Cash on 15 Oct 2026: ₹43.46 lakh crore
- UPI: 25 bn+ transactions a month
Cash did not go away
Business Standard reports that currency in circulation reached ₹43.46 lakh crore on 15 October, its highest in five years. On the eve of the ban it was ₹17.74 lakh crore, so cash is now roughly 2.5 times that level. Cash relative to the size of the economy has returned to about where it was before 8 November 2016.
The RBI's latest household survey still records a 'continued strong preference' for cash.
But UPI changed how India pays
Onmanorama reports that UPI now runs at more than 25 billion transactions a month worth over ₹31 trillion, a world away from its small start in 2016.
The government's stated aims were curbing black money and counterfeit notes, and on those the evidence is still debated. Newspaper editorials today argue that a full accounting of what the exercise achieved is still owed.
