RBI Revamps Currency Management as Coins Grow

The Reserve Bank of India (RBI) has released its circulation figures for 2023-24, documenting in its annual report that both the total value and volume of coins in circulation increased during the year – by 10.4% and 3.5% respectively.

The 1, 2, and 5 rupee coins comprised 82.5% of the total volume, accounting for 68% of the total value. Of these, the 1 rupee coin is the most circulated, comprising 40% of the total volume of coins in circulation. The lowest denomination coins – referred to only as ‘small coins’ in the report – comprised 11.2% of the total coin volume and just 2.1% of the total value.

Indent and supply of coins by mints also increased during the year, with both increasing by approximately 20%.