RBI research: demonetisation hit growth but helped inclusion

The Indian government scrapped the 500 rupee note in November last year

India’s demonetisation in November delivered a sharp shock to the economy, but it also appears to have brought benefits in the shape of financial inclusion and policy transmission, according to research by members of the Reserve Bank of India’s (RBI) monetary policy department.

The team identified a strong but transient impact on several sectors of the economy resulting from the decision to scrap the 1,000 and 500 rupee notes on November 8.

The manufacturing sector and various parts of India’s

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