People of India thought a note of Rs 100 was more useful, and a Rs 2000 note was the least useful, findings of an RBI survey on May 27, Friday, said. The survey, that was published in the Reserve Bank of India Annual Report this year said that Rs 100 notes were most preferred among Indians, while Rs 2000 notes were the least preferred. The RBI survey also found out that the total number of Rs 2000 notes comprised only 214 crore or 1.6 per cent of the total currency notes in circulation.
RBI Survey of Consumers on Bank Notes
“A diverse sample of 11,000 respondents from rural, semi-urban, urban and metropolitan areas, spanning 28 states and three union territories participated in the survey. The survey also included 351 visually impaired respondents (VIR). The survey covered respondents from the age of 18 to 79 years with a gender representation of 60:40 for males and females,” the RBI annual report said.
Here is what the survey findings revealed
– The survey findings revealed that, among banknotes, Rs `100 was the most preferred while `Rs 2000 was the least preferred denomination.
– Among coins, denomination of Rs `5 was the most preferred whereas Re `1 was the least preferred.
– Watermark of Mahatma Gandhi’s image followed by windowed security thread were the most recognised security feature.
– Around 3 per cent of the respondents were not aware of any banknote security feature.
– Overall, approximately seven out of 10 respondents were found to be satisfied with the new series of banknotes.
– Among the visually impaired, majority were found to be aware of the quality of paper and size of the banknotes.
Bank Notes in Circulation
The value and volume of banknotes in circulation increased by 9.9 per cent and 5.0 per cent, respectively, during 2021-22 as compared with 16.8 per cent and 7.2 per cent, respectively, during 2020-21. In value terms, the share of `500 and `2000 banknotes together accounted for 87.1 per cent of the total value of banknotes in circulation as on March 31, 2022, as against 85.7 per cent as on March 31, 2021, said the RBI in its report.
“In volume terms, `500 denomination constituted the highest share at 34.9 per cent, followed by `10 denomination banknotes, which constituted 21.3 per cent of the total banknotes in circulation as on March 31, 2022,” said the RBI.
“The total value of coins in circulation increased by 4.1 per cent in 2021-22, while the total volume increased by 1.3 per cent during the same period. As on March 31, 2022, coins of `1, `2 and `5 together constituted 83.5 per cent of the total volume of coins in circulation, while in value terms, these denominations accounted for 75.8 per cent,” it noted.
“Going ahead, the Reserve Bank’s endeavour would be to further modernise the processing of banknotes, rationalise currency management processes, promote analytical research for strengthening the integrity of banknotes, frame a strategy for complete indigenisation of raw materials for banknote production, increase public awareness through technological aids and study the public usage of cash, coins and digital mode through a pan-India survey,” said the central bank in its annual report.
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