Finance secretary TV Somanathan said: “There is adequate supply of smaller-denomination notes in the economy to substitute for the ₹2,000 notes. I don’t see any impact whatsoever on the economy.” Economic affairs secretary Ajay Seth said it is only an exchange of notes of one denomination for smaller denominations. “Money supply to the economy will remain unaffected. The currency (the ₹2,000 note) continues to be a legal tender”.
Shifting Gears: PSBs borrow more to cater to credit demand as deposits lag
Public sector banks are borrowing more to fund lending expansion. Deposits are not keeping pace with credit growth for these banks. Private banks show stronger