-Business Standard The year-on-year growth in credit was just 6.6%, down from 9.3% a year ago Mumbai: Showing effect of demonetisation, bank credit in India shrunk by Rs 61, 000 crore (0.8% in fifteen days ended November 25, 2016) on the demand destruction. In contrast, banks are trying to cope with the huge inflow of money as people deposited Rs 4,03,000 crore during the same period. The outstanding credit of banking system in...

-The Hindu The government has declared an incentive package to encourage non-cash payments for fuel, new insurance policies from public sector firms, train tickets and highway toll, among other things. For credit and debit card transactions up to Rs.2,000, the Reserve Bank of India has relaxed its stringent two-factor authentication requirement, and service tax stands waived. Taken together, these moves to encourage cashless payments are significant not just because they can...

-Business Standard Say old Rs 500 and Rs 1,000 notes coming back to banking channels in much higher proportion than expected New Delhi: Burdened by the deluge of suspected black money cases after demonetisation of high denomination currency, two staff associations of income tax (I-T) department have in a recent letter to Prime Minister Narendra Modi said they are reaching the breaking point. "Personnel and infrastructure are severely short," the Income Tax Employees...

-Livemint.com The possible macroeconomic consequences of demonetisation are cause for concern as cash is the lifeblood of the economy It is exactly one month since Prime Minister Narendra Modi announced the decision that Rs.500 and Rs.1,000 notes would cease to be legal tender acceptable for payments in settlement of transactions. There was some provision for exchange or deposit of old notes at banks, but with specified limits on sums and time. The past...

-The Telegraph New Delhi: The chief of the Rashtriya Swayamsevak Sangh's labour arm today said that far more jobs had been lost than were created since the Narendra Modi government assumed office, adding that the demonetisation had cost many jobs too. "Under the new government, 1 lakh and 35 thousand job opportunities have been created so far but 20 lakh people have lost their jobs," Baij Nath Rai, president of the Bharatiya...