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Demonetisation effect to spill over to next quarter: RBI’s Viral Acharya

LiveMint logoLiveMint 06-03-2017 PTI

“The effect of demonetisation to spill over to the next quarter in some segments,” said Viral Acharya, deputy governor of Reserve Bank of India (RBI) on Monday. “The pace of remonetisation is quick, should be completed in two to three months...level of cash in circulation to be less in post-demonetisation era,” he added.

Demonetisation, however, has failed to change people’s habits as they are back to including cash in their daily transactions, according to a Mint report published Monday.

According to RBI data, cash withdrawals using debit cards at ATMs stood at Rs1.5 trillion in January—a massive 78% jump month-on-month.

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