MUMBAI: The Reserve Bank of India and commercial banks annually spend around Rs 21,000 crore ($3.5 billion) incurrency operations costs while citizens of Delhi alone spend Rs 9.1 crore and 60 lakh hours in collecting cash. The scale of this burden is unique to India considering that it is among the most cash-intensive economies in the world with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%).
- See more at: http://www.fulltelangana.com/newsinfo/india-s-love-for-cash-costs-3-5bn-a-year#sthash.XNizBSDg.dpuf
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