The new Rs 2,000? UPI has replaced much of currency in circulation, says report

NEW DELHI: Is UPI the new Rs 2,000? An SBI Research report has said that the Unified Payments Interface (UPI) has effectively replaced much of the currency in circulation across India.

In its latest report, SBI Research also said that the RBI’s decision to withdraw Rs 2,000 note can help boost FY24 GDP growth to beyond the estimate of 6.5 per cent.

UPI the new king?

The report said that contrary to the popular perception that UPI is widely used only in metro areas, semi urban areas now account for one-third of the share in value.