Question: Which bank has launched the new motto ‘Cash is King, But Digital is Divine to promote digital transactions in the country?
(a) State Bank of India
(b) Reserve Bank of India
( c) Central Bank of India
(d) Punjab National Bank
Answer: (b)
Related facts:
- On February 24, 2020, the Reserve Bank of India launched a new slogan Cash is King, but Digital in Divine to promote digital transactions in the country.
- According to the Reserve Bank, after demonetisation there has been over Rs 3.5 lakh crore reduction in the notes in circulation (NIC).
- During the last 5 years, overall digital payments in the country have witnessed a growth (CAGR) of 61 per cent and 19 per cent in terms of volume and value.
- Notes in Circulation (NIC) increased at an average rate of 14 per cent between October 2014 and October 2016.
- NIC, however, was Rs 22,31,090 crore, indicating that digitalization and reduction in cash usage helped reduce NIC by over Rs 3.5 lakh crore.