Which bank supported the demonetization in India?

Key Points

• Reserve Bank of India supported the demonetization initiative in India.
• Demonetization was announced by the Government of India on 8th November 2016, which involved the discontinuation of ₹500 and ₹1000 banknotes.
• The Reserve Bank of India (RBI) played a crucial role in managing the demonetization process, including the withdrawal of old notes and the issuance of new ones.
• Demonetization aimed to curb black money, counterfeit currency, and corruption in the economy.
• The RBI also provided guidelines and support to banks and financial institutions to facilitate the exchange and deposit of old currency notes.

Additional Information

• The Reserve Bank of India was established on 1st April 1935 and nationalized on 1st January 1949.
• It is the central banking institution of India, which controls the issuance and supply of the Indian rupee.
• The RBI is responsible for regulating the financial sector, including banks and non-banking financial companies.
• It aims to ensure monetary stability in India and manage the country's currency and credit system.
• The RBI also plays a vital role in the development and regulation of the financial markets in India.