Newswire

Demonetisation will transform Indian economy: RBI governor

Demonetisation will transform Indian economy: RBI governor

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.

He said the increasing adoption of digital modes of payments will lead to greater intermediation, efficiency gains, accountability and transparency.

Patel acknowledged there have been short-term disruptions and hardship to the public because of the demonetisation of high value currency.

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.

(IANS)

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *

Like us on Facebook

Follow us on Twitter

Newsworthy

css.php
More in Newswire
Pakistan's ISI plotting to launch terror attacks against India from Myanmar-Thailand border: Report
Pakistan’s ISI plotting to launch terror attacks against India from Myanmar-Thailand border

Delhi: Pakistan's Inter-Services Intelligence (ISI) is planning...

Acid attack leaves 7 women injured in Kapurthala district; two critical
Punjab: Acid attack leaves 7 women injured in Kapurthala district; two critical

They have been admitted to Kapurthala civil...

Govt mulls law against transactions over Rs 10,000 in banned notes: report
Demonetisation : Indian Government plans law against transactions over Rs 10,000 in banned currency notes

Though punishment for breaking the proposed law...

India needs lower level of taxation to be globally competitive, says Arun Jaitley
Arun Jaitley: India needs lower level of taxation to be globally competitive

Extraordinary high taxation rates in the past...

Close