INDIA'S ECONOMY BACK STEP

INDIA'S ECONOMY BACK STEP

12/19/16 INDIA, State Bank of India chairman, Arundhati Bhattacharya told Reuters that the country's largest bank by assets would likely miss previous forecasts of boosting loans by at least 10 per cent in the year to March 31. He'd touted the surprise move to scrap high-value bills as India's biggest step against unaccounted cash, which the government estimated at 5 trillion ru The move was aimed at cracking down on the shadow economy, but has brought India's cash economy to a virtual standstill. The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measurespees ($74 billion). The move was aimed at cracking down on the shadow economy, but has brought India's cash economy to a virtual standstill. The government and the Reserve Bank of India have since taken a slew of measures to ease the pain from its measures. With all 500 rupee and 1,000 rupee banknotes – nearly 86% of the country's currency in circulation – ceasing to be a legal tender and that year-end deadline fast approaching, doubts are being raised whether India's currency. According to a report in India Samvad, ahead of Prime Minister Narendra Modi's rally in his own constituency on coming December 22, the Reserve Bank of India (RBI) has delivered a truckload of new currency for banks and ATMs of Varanasi. Queues at bank branches and ATMs are the most-ubiquitous scenes across India since November 8 when the Indian government announced scrapping of the two-denominations with immediate effect.