RBI and banks spend â¹21,000 cr a year on currency management
NITI Aayog CEO Amitabh Kant has said that the RBI and other commercial banks spend â¹21,000 crore every year on currency management operations. On top of this, there are costs associated with fake currency and replacement of soiled and torn notes as well, he added. Kant further stated that cost of cash transactions, though "not apparent to us", is high.