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Despite a large growth in digital payments after demonetisation of Rs 500 and Rs 1,000 notes in 2016, cash is "deeply embedded" in the payment system in India, according to a new report from the Reserve Bank of India.
At 11.59 per cent of Gross Domestic Product (GDP) India had a high cash in circulation in 2012, said the report titled "Benchmarking India's Payment Systems".
At 11.59 per cent of Gross Domestic Product (GDP) India had a high cash in circulation in 2012, said the report titled "Benchmarking India's Payment Systems".
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