People Have Again Started Hoarding Money, Finds RBI. What Did Demonetisation Achieve Then?

Having speeded up printing presses to refill banks’ empty ATMs in some parts of the country, the Reserve Bank of India (RBI) released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending.

Typically, economists say, cash withdrawn from banks takes a few months to re-enter circulation as people spend.

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Because of these lags, the weekly reserve money figures don’t tell exactly how much people have hoarded, but the data does give a strong sense of the trend.

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