Govt Prioritising Lower Denomination Notes And Digital Transactions: Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman stated on Saturday that the concern of the federal government is to “make sure” that foreign money in circulate will probably be in “lower denominations” and spreading extra consciousness for “doing digital transfers.”

Answering a query on the way forward for Rs 500 foreign money, Sitharaman stated, “We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks.”

“We need to have more digital awareness built so that people see a benefit in doing digital transfers,” the Union Finance Minister stated on the ‘National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures’ within the nationwide capital.

In fresh years, India has witnessed an unheard of upward thrust in virtual transactions, marking an important milestone in its adventure in opposition to changing into a cashless society. At the leading edge of India’s virtual cost revolution is UPI with a file hit of 16.73 billion transactions in December 2024.

In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal avid gamers, making monetary transactions sooner, extra out there, and protected. As of new information from the National Payments Corporation of India (NPCI), UPI has set a brand new file via processing over 16.73 billion transactions, with a staggering transaction price of Rs 23.25 lakh crore. This is a notable bounce from Rs 21.55 lakh crore in November.

In 2024, UPI processed round 172 billion transactions, marking a 46 in step with cent building up from 117.64 billion in 2023. This upward thrust underscores a broader cultural shift towards monetary inclusivity, with UPI being a central pillar.