The Narendra Modi government may thus be in for a shock. the money deposited in 20 days and add the November 8 CRR to it, that amounts to Rs 12.50 lakh crore. There are still 30 days left to deposit the banned currency notes. At the rate at which money is being deposited. Especially, persisting cash shortages at banks and ATMs across the country has left people disappointed. At first, this seemed like a boon for banks, who were suddenly flush with cheap funding. India’s largest state-backed lender, in turn, cut deposit rates. While small-time traders throng the market to buy articles such as plastic toys, iron utensils, clothes and artificial jewellery to sell in village fairs, the wedding season keeps the traders of spices, dry fruits and commodities busy. Market with hardly any estimates of its size in terms of turnover “Now, only 25-30 percent business is left. It has gone down by more than 90 percent in the past few days, Most people in India only transact with cash. Market not working properly.
