Just a day before the anniversary of demonetization, top level bankers of the country acknowledged that the Prime Minister Narendra Modi's decision of demonetizing notes of Rs 500 and Rs 1000 had done a lot of good to the ailing banking sector. "For the banking sector, I would consider it positive as lots of money has come into the formal banking system. Casa (current account, savings account) deposits have gone up by minimum 250-300 basis points which itself is a big positive," SBI chairman Rajnish Kumar said. ICICI Bank chief executive Chanda Kochhar said the note ban led to formalisation of financial savings and increased the flow of funds to mutual funds and insurance. Meanwhile, union Finance Minister Arun Jaitley on Tuesday, wrote a detailed post on Facebook explaining how demonetization had positively impacted the Indian economy.

Source: dna November 07, 2017 12:00 UTC