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Demonetisation good for economy in the long run: HDFC's Aditya Puri

Puri said the demonetisation has brought more money into the financial system which will boost economy on long-term basis

Press Trust of India  |  Gangtok 

Aditya Puri, HDFC Bank
Aditya Puri

(MD) Aditya Sunday said the demonetisation in 2016 was a good move to boost economy in the long run, though the measure had brought hardship to the people at the initial stage.

MD also backed the Narendra Modi government's endeavour to promote digitisation in the system asserting that it is one of the best things to have happened in

"The demonetisation was a good move by the Centre, though it had brought hardship to the people initially," he said in reply to a question at a press conference here.

said the demonetisation has brought more money into the financial system which will boost economy on long-term basis.

In a sudden decision on November 8, 2016, Modi had banned the currency notes of Rs 1000 and Rs 500 denominations.

On the HDFC Bank's expansion plans in the Northeast, said it proposed to open 100 more branches in the region in three years to take its branch network close to 230.

As a part of this plan, it would also double the number of branches in to 18, the HDFC MD said.

He said that the had started its journey in the Northeast in 2004, and has grown rapidly since then.

As of December 31, 2018 the bank has 126 branches and 203 ATMs in the region.

The expansion plan of the HDFC Bank network will get a further boost from the 650 Common Service Centres (CSCs) to be set up in the region by the Government of

The CSCs run by village-level entrepreneurs will bridge the last-mile connectivity in making products and services available to unbanked areas.

First Published: Sun, March 31 2019. 21:05 IST
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