Mumbai: While there have been mixed reactions to the withdrawal of two notes from Indian currency, the banking sector has welcomed the move by Prime Minister Narendra Modi.
Ashwani Kumar, Chairman & Managing Director, Dena Bank, said, “The boldest step by the Government to curb the menace of black money, counterfeit notes and terrorist funding. It is a well-planned and executed surgical strike on the menace. All should support and unite to ensure orderly implementation.” This move has been called audacious and forward-looking by ShyamSrinivasan, MD & CEO, Federal Bank. “The move to demonetize the 500 and 1000 rupee notes is indeed seminal.
Near term volatilities notwithstanding, this audacious move will bring great stability and transparency to the way business is conducted in the country,” said Srinivasan.
Rana Kapoor, MD&CEO, YES Bank said Modi has delivered a masterstroke. “I emphatically welcome the Government’s decision to demonetize Rs 500 and Rs 1000 currency notes in circulation in the economy as bold and revolutionary that will have tectonic impact on the ubiquitous parallel economy in the country,” said Kapoor. He added, “The move will significantly strengthen Government’s systematic efforts over the last two years to curb black money in the economy including SIT, amending DTAA with Mauritius and Cyprus, amending Benami Transactions Act, and the more recent Income Declaration Scheme.”