A Month of Demonetisation Disaster – Why Blame the Banks
A month has passed since the implementation of Demonetisation. There are too many conspiracy theories involving banks which are making rounds. People are blaming the banks for being unfair in cash distribution and even for not having enough cash. But the numbers don’t add up. According to data, around 15 Lakh Crores had been demonetized. Out of that, almost 12 lakh crores have already been put back in banks, (more is expected to be deposited by the end of this month). The new notes that have been printed consist of around 3 Lakh crore rupees which is only one-fifth of the demonetised currency. When there isn’t enough cash in the economy, are the banks at fault?
Get the latest reports & analysis with people's perspective on Protests, movements & deep analytical videos, discussions of the current affairs in your Telegram app. Subscribe to NewsClick's Telegram channel & get Real-Time updates on stories, as they get published on our website.
