After the monetary collapse in 2008 that was marked by the demise of among the oldest monetary firms in the banking industry, enterprise danger management has develop into a regulatory concern as well as a business concern. On 24 November 2016, Manmohan Singh, the former PM stated that this scheme will severely damage the small industries and farming sector. The GDP would decline by about three %. He asked the PM to present examples of countries the place individuals are not allowed to withdraw their very own cash from the banks. New notifications and guidelines introduced out day by day badly reflect on PM Office, Finance Minister, and the RBI. Why has the Cooperative banking been prevented from handling cash? Finally, he termed the demonetization as an “organized loot and a legalized plunder of the masses.

One thing is definite nevertheless, this technology may have a huge impact on the business in the many years to come. Most main banks have invested in research on this know-how. As Simon McNamara from RBS has said “I do not know what is going on to succeed. What I am certain of is that we’re going to see blockchain options and peer-to-peer solutions …