The report said, "In a remarkable development, for the first time in 20 years, currency in circulation declined during the Diwali week. The innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to smart-phone lead payment economy. A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively!"
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