Banks win big from India’s rupee restrictions, says AAA-rated CIO

The Indian government have made a decision to scrap rupee notes in denominations of 500 rupees ($7.40) and 1,000 rupees ($14.70), which will prove to be beneficial for the Reserve Bank of India and other private banks. Jonathan Schiessl, CIO of Ashburton Investments highlights in Citywire Selector that the withdrawal of these notes is an attempt to curb black money in India and is therefore a positive and radical move.