Note ban has boosted banks and start-ups, but it's still a big failure

When Prime Minister Narendra Modi announced the withdrawal of Rs 500 (US$7.40) and Rs 1,000 (US$15) banknotes from circulation in November 2016, the government said its demonetisation drive would curb India’s shadow economy and suppress the use of illicit and counterfeit cash in the economy.

If there’s one sector that’s done particularly well as a result of government’s move, it’s the banking sector.

Banks received deposits worth ?6 trillion (US$88 billion) and overall banking deposits with the Reserve Bank of India reached a record high of Rs 4.3 trillion (US$63.1 billion) within two