RBI on Friday made the surprise announcement but gave the public time till September 30 to either deposit Rs 2000 notes in accounts or exchange them at banks
Later this week, on Friday, too, the markets will be closed for Good Friday. Again, on April 14, markets will be shut for trade on account of Dr. Baba Saheb Ambedkar Jayanti.
In a letter to all agency banks on Tuesday, the RBI said that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year.
With country's focus riveted on Adani, none noticed an important development. India's Forex reserves hit an 11-week low, rupee traded in a thin range of 82.56 to 82.89 and exports declined.
With credit disbursals picking up and the RBI increasing its lending rates to the banks banks and others are now offering higher interest rates on fixed deposits.