India announces incentives after cash ban
In addition, after the Prime Minister called for banks to increase lending for the poor, State Bank of India announced that it will reduce lending rates by 90 basis points, which is expected to improve credit growth and private investment, the reports revealed.
Narendra Modi had announced that the government would remove 500 and 1,000 rupee notes (approximately £6 and £12) from circulation on November 8 for the purpose of combating corruption, black-market trade and tax evasion after which many Indians who face cash flow problems panicked and waited in long bank queues to exchange their high-value banknotes.
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