Modi's 'Operation Black Money' was kept secret even from top bankers
November 19, 2016  10:02
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Prime Minister Narendra Modi+ maintained such a deep level of secrecy in executing the decision to demonetise two-high value denominations , that even the top bankers of the country had no idea about the move till he went on air at 8 pm on November 8 to announce the decision to the world.

In the first week of November, RBI officials informed the chairpersons and MDs of all the top banks in India about a meeting at the central bank's headquarters in south Mumbai scheduled for 7 pm on November 8. Uncharacteristically, the RBI didn't specify any particular agenda for the meeting, two bankers said. Usually, the central bank gives some notice to bankers when they are called for a meeting since it wants them to come prepared.

The meeting started with RBI officials mainly discussing the situation pertaining to non-performing assets in the banking sector, a hot topic for the sector till that day. They discussed some other issues related as well. Just before 8 pm, RBI officials switched on the TVs in the room. They said that the PM would be on air soon, and they would continue the discussion after his speech, the bankers said. 

"Basically it was as much of a surprise to us as to anybody else," said SBI chairperson Arundhati Bhattacharya. After the PM ended his speech, the bankers wanted to leave immediately and start work.
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