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Notwithstanding the series of efforts to give an impetus to digital payments via Unified Payments Interface (UPI), bank notes in circulation rose by 7.8 percent in value in the fiscal 2022-23.
The volume of notes in circulation also rose by 4.4 percent in 2022-23 as compared with 9.9 percent and 5 percent, respectively in 2021-22, shows the Reserve Bank of India (RBI’s) Annual Report 2022-23.
The total value of banknotes in circulation rose from ₹28.26 lakh crore in 2021 to ₹31.05 lakh crore to ₹33.48 lakh crore in 2023, an increase of 18.4 percent in two years and 7.8 percent in one year.
In value terms, the share of ₹500 and ₹2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation as on March 31, 2023, as compared to 87.1 per cent as on March 31, 2022.
Banknotes in circulation (end-march)
| Year | Value ( ₹crore) | Volume (pieces in lakhs) |
| 2021 | 28,26,863 | 12,43,671 |
| 2022 | 31,05,721 | 13,05,326 |
| 2023 | 33,48,228 | 13,62,137 |
(Source: RBI)
In volume terms, ₹500 denomination constituted the highest share at 37.9 per cent, followed by ₹10 denomination banknotes which constituted 19.2 per cent of the total banknotes in circulation as on March 31, 2023.
Coins in circulation
At the same time, the total value of coins in circulation increased by 8.1 percent in 2022-23, while the total volume increased by 2.6 percent.
As on Mar 31, 2023, coins of ₹1, 2 and 5 together constituted 83.1 percent of the total volume of coins in circulation while in value terms, these denominations accounted for 72.3 percent, shows the RBI’s Annual Report 2022-23.
During the year, RBI also introduced retail and wholesale versions of e-rupee on a live-pilot basis.
The value of e rupee (wholesale) and e- rupee (retail) in circulation stood at ₹10.69 crore and ₹5.70 crore, respectively as on March 31, 2023, reveals the annual report.
Another new project which the RBI rolled out during the past financial year includes conceptualising a pilot project on Quick Response (QR) code-based coin vending machines using the UPI to improve public accessibility of coins.