Continuously evaluating highly volatile and uncertain conditions and remaining prepared to protect the economy from shocks, the RBI has committed all its instruments to this objective, using conventional measures and fashioning new ones, as the pandemic experience showed.
We would also intervene – but fortunately have not yet had to – if there were cases of discrimination against cash as legal tender compared with alternative private payment methods. This could happen, for example, if a payment fee were to be levied. You will recall that a core feature of legal tender is that banknotes must be accepted at their face value.