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30
December 2016
On the
eve of the deadline for citizens to deposit demonetised currency in banks,
Reserve Bank of India (RBI) Governor Urjit Patel said that demonetisation will
have a transformative effect on the economy going forward, despite some
short-term disruptions and "public hardship".
"The
withdrawal of specified bank notes will impart far reaching changes going
forward. It is expected to significantly transform the domestic economy,"
Patel said on Thursday in his foreword to the half-yearly Financial Stability
Report. The Total Investment &
Insurance Solutions
He said
the increasing adoption of digital modes of payments will lead to greater
intermediation, efficiency gains, accountability and transparency. The Total Investment & Insurance
Solutions
Patel
acknowledged there have been short-term disruptions and hardship to the public
because of the demonetisation of high value currency. The Total Investment & Insurance Solutions
On the
domestic macroeconomic front, condition remain "stable" with a
cool-down in inflation, the RBI Governor said, adding that the growth momentum
has "slackened" recently.The
Total Investment & Insurance Solutions
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