How Much Cash In Circulation In India? All Time Record Numbers!

Thanks to the digital revolution and the subsequent push that is being given by the government of India, we are witnessing a huge surge in the usage of digital transactions. But that does not mean, the Indian population is moving away from the traditional cash exchange.

Cash in circulation across India has grown at a striking pace over the last decade, underlining one clear reality, digital payments may be rising fast, but physical currency still dominates everyday life.

In February 2016, just months before demonetisation reshaped the financial landscape, cash circulation stood at ₹16.42 lakh crore. By February 2020, that number had climbed significantly to ₹24.2 lakh crore, reflecting a steady recovery and growing liquidity in the system.

Fast forward to February 2026, and the figure has surged to an estimated ₹40 lakh crore, marking an extraordinary expansion in the amount of currency held by the public.

This sharp rise comes at a time when digital payments, especially through UPI, have witnessed record breaking growth. Millions of transactions now happen instantly through smartphones, transforming how India pays and gets paid. Yet, the data suggests that cash continues to play a central role in the economy.

From small traders and rural markets to household savings and informal transactions, physical currency remains deeply embedded in daily commerce. Convenience, trust, and accessibility keep cash relevant, particularly in areas where digital infrastructure is still evolving. The numbers tell a powerful story. Even in a digital India, cash remains king.