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World Business Report: First broadcast 2016/12/07 22:32 GMT: Indian Economy May Wobble on Cash Crunch

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Indian Economy May Wobble on Cash Crunch

First broadcast 2016/12/07 22:32 GMT

First broadcast 2016/12/07 22:32 GMT: Indian Economy May Wobble on Cash Crunch

BBC World Service - World Business Report, Indian Economy May Wobble on Cash Crunch

The Reserve Bank of India left interest rates unchanged causing worries about growth.

Some thought the central bank might cut interest rates, to cushion the blow to the economy from the removal of higher-value physical banknotes.

The Indian government's recent decision to withdraw higher-value banknotes was designed to curb corruption. In the short term though it's led to chaos and confusion. Long queues have formed at banks and cash machines, as people rush to exchange their notes for legal currency. That in turn has led to a big shortage of cash, in an economy where around 90 percent of transactions still use notes and coins. We talk to Aniban Nag, who's based in Mumbai for Bloomberg about how daily life is being affected. Meanwhile, the European Commission has imposed fines of around 520 million dollars on HSBC, JP Morgan and Credit Agricole. Photo Credit: Navya Ponnuru

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First broadcast 2016/12/07 22:32 GMT: Indian Economy May Wobble on Cash Crunch

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