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Mumbai: CMS Info Systems Limited (CMS), India’s leading business services companyoffering banking logistics and technology services, today released the ‘CMS India Cash Vibrancy Report 2023’. The first extensive industry report on cash usage by consumers, underpinned by the company’s proprietary CMS Cash Index™ (CCI), highlights the megatrends through the period FY 2023 in comparison to FY 2022.

The report looks at the relative performance of the CMS Cash Index™ (launched in 2016 to track the infusion of cash back into the economy across various commerce points) weighted index constructed on the basis of cash that goes into circulation via the ATM channels and the cash collected from retail channel points, both covered by CMS Info Systems – versus the S&P Global India Composite PMI (S&PGIPMI) – that gauges the expansion and contraction in economic activity. The S&PGIPMI demonstrates a strong correlation and establishes the CMS Cash Index as a key barometer for tracking the cash vibrancy in the country.

As an industry leader, CMS draws on key data points to showcase the annual growth in pan-India ATM cash replenishments, in FY 2023, carried out by the company in metropolitan cities versus SURU (semi-urban and rural). The deep-dive analysis in the report illustrates the strong demand for cash-based transactions in India - from ATM cash withdrawal patterns across metropolitan, semi-metropolitan, semi-urban, and rural centres to sector-level analysis of business activity through retail cash management data.

Anush Raghavan, President, Cash Management Services, CMS Info Systems said, “The report demonstrates the relevance and importance of cash in the Indian economy. It is critical to widen financial inclusion and provide a convenient and low-cost payment system which is accessible to everyone in the society. We have seen 10.1% growth in monthly average cash replenishment at ATMs and a strong 1.3X increase in average cash collection per point with e-commerce companies in FY23”.