Quote | Dipak Gupta, Joint Managing Director, Kotak Mahindra | Announcement on demonetization of Rs 500 and 1000 currency notes
India 9 November 2016: “This is a path-breaking move by the Prime Minister Narendra Modi to eradicate black money from the economy and mitigate the counterfeit money problem, both of which will do good to the Indian economy over time. Customers need not worry about their money at all, they have sufficient time to exchange their old Rs. 500 & Rs. 1000 denomination notes. While they may face some inconvenience for the next few days, their money in the bank remains absolutely safe. We are working to ensure minimal inconvenience to customers until money supply gets fully normalised. This move will usher in a cultural change in payments as people will adopt digital banking faster. We should also see a surge in activation of new bank account and debit and credit cards usage.”
India 9 November 2016: “This is a path-breaking move by the Prime Minister Narendra Modi to eradicate black money from the economy and mitigate the counterfeit money problem, both of which will do good to the Indian economy over time. Customers need not worry about their money at all, they have sufficient time to exchange their old Rs. 500 & Rs. 1000 denomination notes. While they may face some inconvenience for the next few days, their money in the bank remains absolutely safe. We are working to ensure minimal inconvenience to customers until money supply gets fully normalised. This move will usher in a cultural change in payments as people will adopt digital banking faster. We should also see a surge in activation of new bank account and debit and credit cards usage.”