account of precautionary holding of cash by people due to the COVID-19 pandemic and its prolonged
continuance.

In value terms, the share of %500 and 22,000 banknotes together accounted for 85.7% of the total value of
banknotes in circulation as of March 31, 2021, as against 83.4% as of March 31, 2020.

The following chart sets forth cash in circulation in India and as a percentage of GDP, during the financial years
2016 to 2021:

 

 

30,00,000.0 14.5% 16.0%

25,00,000.0 uae
12.0%
20,00,000.0 =
2 100% = |
5 g
§ 15,00,000.0 8.0%  §
= 60% =
10,00,000.0 " a

4.0%

5,00,000.0 2006

oo + + 0.0%

FY'2018 FY'2019 FY'2020 FY'2021
mmm 2 Crore B= % of GDP

Source: India ATM Market Outlook to 2026, Ken Research, August 2021.
Historical Trend of Debit and Credit Cards in India during the Financial Years 2016 to 2021

The total number of outstanding debit and credit cards in India increased between financial years 2016 and
2021. The number of debit cards grew from 661 million as of March 31, 2016, to 898 million as of March 31,
2021. Similarly, the number of credit cards increased from 24.5 million as of March 31, 2016, to 62 million as
of March 31, 2021.

The following chart depicts the number of outstanding debit cards during the financial years 2016 to 2021:

 

1,000.0 0.68 80.0%
S O80) 0.65
900.0 0.65 70.0%
ae as 60.0%
700.0 61 ‘
6000: 50.0% ¢
Z 500.0 40.0% &
&
400.0 30.0%  &
300.0 5
20.0% &
200.0 >
100.0 10.0% ©
is}
oo + + 0.0%
FY'2016  FY'2017.—-FY'2018 = FY'2019-— FY'2020.—- FY'2021
sm No. of Debit Cards in Million ‘=m= No.of Debit Cards per capita

Source: India ATM Market Outlook to 2026, Ken Research, August 2021.
Note: The number of debit cards are as of March 31 of each year.

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