Our supervisory approach also focuses on ensuring that data are of the right quality. That was a point that elicited a unanimous response in the consultation, although good and meaningful data have always been a key factor in the success of models, whether ML or not. Procedures which process huge amounts of data do not alter this principle. Another key criterion is explainability.
A comparative picture of the Notes in Circulation (NIC) in India as compared to some major countries is indicated in the table given below:  6. Globally, the cash in circulation to GDP ratio has ranged from 2.5% to 8% whereas in India it has been around 13% due to the predominant usage of cash by a majority of the population.