Patel defends approach to banknote crisis, as RBI holds
Governor says note withdrawal will not "extinguish" parts of balance sheet
Reserve Bank of India (RBI) governor Urjit Patel offered some clarity on the central bank's response to the country's banknote crisis, as he unveiled the latest monetary policy decision.
Speaking at a press conference today (December 7), Patel said the decision to axe the 500 rupee and 1,000 rupee denominations was "not taken in haste". He said the need to maintain secrecy had led to a shock, but implied preparations had been going on behind the scenes before the withdrawals were made public.
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