STRENGTHENING COLLABORATION TO PRESERVE SOVEREIGNTY: COLLABORATIVE CASH ECOSYSTEMS - GLOBAL STRATEGIES TO PRESERVE TRUST AND SOVEREIGNTY - KEYNOTE ADDRESS[1] DELIVERED BY SHRI SHIRISH CHANDRA MURMU, DEPUTY GOVERNOR AT FOCUS GROUP DISCUSSION: GLOBAL CASH MANAGEMENT, 2026, ORGANISED BY BANK INDONESIA IN JAKARTA, INDONESIA, ON AUGUST 13, 2026

MUMBAI, India, Aug. 18 -- Reserve Bank of India issued the following speech:

Introduction

Good afternoon, my fellow central bankers from around the globe. I congratulate Bank Indonesia for hosting this discussion on such a topical issue, and I thank them for the opportunity to present an Indian perspective on it.

Currency management is a core function of nearly every central bank represented in this room. In the previous decade, adoption of digital payments in India has been revolutionary to say the least, yet cash in circulation has not declined, especially in rural and semi-urban areas, among low-income groups, older populations, and small businesses.

I suspect several of you are managing a version of this same balancing act in your ...