People in India most prefer the Rs 100 denomination banknotes, while Rs 2,000 are least preferred, a Reserve Bank of India survey of a diverse sample of 11,000 respondents revealed.
Among coins, Rs 5 is most preferred, whereas Re 1 is least preferred. At least 7 out of 10 respondents were found to be satisfied with the new series of banknotes.
The survey has been conducted to assess demand for cash as well as denomination preferences at the consumer level. It also attempts to gauge awareness among consumers about various security features of the banknotes.
The RBI survey, which also included 351 visually impaired respondents, was conducted in rural, semi-urban, urban and metropolitan areas spanning 28 states and three Union Territories.
The watermark of Mahatma Gandhi’s image followed by the windowed security thread were the most recognised security features. Around three per cent of the respondents were not aware of any banknote security feature, showed the banknote survey published this week.
The RBI's annual report for FY22 showed the value of the total Rs 2,000 notes in circulation dropped to 13.8 per cent, compared with 17.3 per cent a year ago. Consequently, RBI has not printed Rs 2,000 currency notes since the financial year 2018-19.
"Going ahead, the Reserve Bank’s endeavour would be to further modernise the processing of banknotes, rationalise currency management processes, promote analytical research for strengthening the integrity of banknotes, frame a strategy for complete indigenisation of raw materials for banknote production, increase public awareness through technological aids and study the public usage of cash, coins and digital mode through a pan-India survey," the regulator said.