For poor Indians, having cash to pay back money lenders or landlords has meant having the choice between freedom and slavery. This means that in India, cash is heavily concentrated at the top. Even inter-district and intra-district cash inequality is very high. This would mean a direct cash transfer of ₹2.5-lakh crore just to replenish people’s exhausted cash coffers. Previous research has established that up to the 77th percentile population, Indians just consume what they earn.

Source: The Hindu April 06, 2020 18:32 UTC