PM's note ban decision draws high praise from World Bank CEO

March 02, 2017 23:13

Kristalina Georgieva, Chief Executive Officer of the World Bank, has said that the Indian governments decision last November to recall 86 percent of the currency in circulation will have a positive impact on Indias economy.

The reforms India is targeting are profound, she said.

Georgieva was quoted as saying that other countries would study the implementation of the note ban in India as demonetisation in such a big country was unprecedented.

She said that despite short-term hardship, the move would create a clean and digitised Indian economy in the long run.

Georgieva compared Modis decision to that of the European Union, which is also phasing out high denomination bills but over a longer period of time.

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