Updated By: LatestGKGS Desk
500 and 1000 note ban set to decrease rate of interest on loan
Rate of Interest on loan to decrease due to 500 and 1000 note ban
According to Axis Bank, due to 500 and 1000 note ban the money with the banks have increased and due to this it is expected that the rate of interest on loans will decline.
The ban of 500 and 1000 note ban would benefit the people as they could get easy loans at less rates from the banks and hence the economic condition of the country would also increase.
Around Rs.60,000 crore deposited with the banks on friday
The head of Axis Bank stated that earlier people deposit less amount in the savings and current account but due to note ban the banks are having adequate amount of funds.
According to the reports, on Friday around Rs.60,000 crore was deposited with the banks all over the country and this go up to 13.5 trillion.
