New Delhi, Feb. 16 -- Even as digital payments scale new peaks, currency in circulation (CiC) in India has surged to an all-time high of nearly Rs 40 lakh crore, presenting what SBI Research has termed a "puzzle" of simultaneous growth in cash and UPI-led transactions.
In its latest Ecowrap report released here on Monday, SBI Research said CiC touched around Rs 40 lakh crore for the fortnight ended January 31, 2026, marking an 11.1 per cent year-on-year growth, more than double the 5.3 per cent rise recorded in the same period last year.
On a year-to-date basis (April 2025 to January 2026), CiC increased by Rs 2.76 lakh crore, compared with an incremental rise of just Rs 88,817 crore during the corresponding period of the previous year.
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