![Indian banks expect a profit increase from the elimination of banknotes.](https://market-tracker.in/wp-content/uploads/2023/05/105305644-1530505322084gettyimages-486318608.jpg)
Indian banks expect a profit increase from the elimination of banknotes.
Lending margins, a crucial indicator of Indian banks’ profitability, are expected to rise as a result of the country’s plan to eliminate its highest-value currency note, which will increase bank deposits. According to a letter from Axis Mutual Fund, the Reserve Bank of India’s decision to discontinue the 2,000 rupees ($24) notes will increase bank…