"It is important to realise what was the Indian normal for last 70 years. It had almost become the Indian normal to have a parallel economy, to have a shadow economy. The ability of the Indian banking system to support growth, support economy, support growth economy had become extremely doubtful," he remarked.Banks, he said, are suddenly flush with all low-cost funds. "In the long term, it is going to change the way traders trade, how we manage the household budget. It would bring more transactions into the banking system, we have a cleaner and bigger economy, a bigger taxation system -- and this one decision redefines the Indian new normal."

Source: Times of India November 18, 2016 17:06 UTC