UPI–[1] Currency with public 12% of GDP–[2] CiC to GDP ratio would have been at least 2% higher in the absence of UPI- [3] UPI helped banks to notch up higher CASA [4] Cost of handling cash is said to be ₹ 20/30 per transaction [5] If currency with public rises even by 1% of GDP –due to UPI avoidance that would mean ₹3.5 trillion leakage out of bank deposits at current annual GDP [6] Article concludes — Monetary [policy] transmission works better when money stays as deposits rather than as cash -Courtesy BS