Deposit Spike Report Goes Viral; Arun Jaitley Offers Explanation

A CNBC-TV18 report that points out the increase in the rate of deposits in banks across India has gone viral.

Prime Minister Narendra Modi’s ‘surgical strike’ on Rs 500 and Rs 1,000 notes has been the reason for much celebration and despair.

However, a CNBC-TV18 report that points out the increase in the rate of deposits in banks across India, months prior to the PM’s demonetisation, has gone viral.

Banks that had shown negative deposit growth in previous quarters, suddenly had good growth rates in the July-September quarter. The report asks if some people were in the know of this “sudden” demonetisation move.