SBI,HDFC Chairman disappointed with RBI policy say it will derail economy.
In a stunning u-turn the HDFC chairperson Deepak Parekh has said that Demonitization has derailed the economy.
Deepak Parekh statement gains significance after the initial euphoria of demonitization which many had hailed it as a temporary pain for a prosperous future.
As of June 30, 2016, HDFC Bank's distribution network was at 4,541 branches and 12,013 ATMs making it a significant player in India's banking sector.
He also said that normalcy will not return till late january.his statement gains significance as he had initially assailed the move as revolutionary and a game changer.
Earlier SBI chairman Arundhati Bhattacharya said that she is disappointed by the status quo announcement, calling it a non-event. The Reserve Bank of India (RBI) has kept its repo rate unchanged at 6.25 per cent in its first monetary policy review after the notes ban, surprising the Dalal street as well as many economist.
The GDP growth of India is likely to slow down .