Note: The S&P Global India Composite PMI readings are rebased to 100 in April 2016, when CMS Cash IndexTM was launched, to derive the correlation between the two indices.

Source: CMS Info Systems, S&P Global

CMS Cash Index™ and S&P Global India Composite PMI show a strong correlation

The relative performance of the CMS Cash Index™ (CCI) weighted index constructed based on 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 CMS Cash Index as a key barometer for tracking the cash vibrancy in India. In November-December 2016, after demonetisation, there was a sharp fall in CCI while S&PGIPMI saw much lesser decline. Subsequently, the CCI saw a spell of relative underperformance until cash supply stabilised. At the peak of the COVID-19 pandemic and the lockdown, the fall in S&PGIPMI was much starker compared to the decline seen in the CCI.

Source: CMS Info Systems

Average cash replenishment per ATM (Rs Cr)

10.08% annual growth in monthly average cash replenishment per ATM by CMS Info Systems in FY 2023.

The average value of cash replenishment per ATM during FY 2023 was Rs.1.35 crore; 10.08% higher than the average cash replenishment per ATM of Rs.1.23 crore during FY 2022. The monthly look at the average ATM replenishments reveals the tinge of the second wave of the COVID-19 pandemic.

During FY 2023, the first quarter saw monthly changes in replenishment per ATM higher by an average 24.92% compared to April–June 2021. In comparison to May 2021, when replenishments dipped to average Rs.0.97 crore per ATM, the average replenishment of Rs.1.33 crore per ATM during May 2022 was an absolute growth of 37.69%.