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Emerging MarketsEM Asia

Indian banks respond to Modi’s Demonetization Shock Therapy

November 8, 2016, will go down in history as the day Donald Trump, a real estate mogul and reality TV host, was elected the 45th president of the United States and leader of the free world. But, in India, it marks a perhaps equally surreal event: demonetization. Can the scrapping of bank notes used in the bulk of the nation’s cash transactions finally catapult this long-time financial laggard into the 21st century?

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