JAMMU: Stating that main banks in the State managed demonetisation well, the Jammu and Kashmir Government today said the note ban did not have any negative effect on the State and instead it helped bring down prices of the real estate which had once gone beyond reach.
I dont think that the demonetisation has had any effect as it has been managed very well by the principle banks and I would complement J&K Bank for that, Finance Minister Haseeb Drabu told reporters after presenting the State budget today.
He said that the people of J&K have got used to certain situation of distress and when the strike is for five months and banks are not open so they stock cash, when there is uncertainty in the overall system then people take measures to keep cash so the transactional demand is very high.
Also there is a lot of community banking in J&K and the number of people are very small 1.25 crore people, it is not like Bihar and UP and I think we have managed the demonetisation part very well as far as personal finance go.
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