Besides, Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption and counterfeit currency.
“In the long run banking will benefit with this decision as the rotation of black money will reduce and more people will start taking banking services. Housing finance and construction company will also benefit as housing will become more affordable,” said Rohit Gadia, Founder & CEO, CapitalVia Global Research.
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