RBI to provide new currency notes soon, increased production: Urjit Patel

After the announcement by Prime Minister Narendra Modi to stop Rs 1000 and Rs 500 notes as legal tender, Reserve Bank of India (RBI) Governor Urjit Patel said that RBI has increased the production and trying to provide new currency notes as soon as possible.

Patel along with Economic Affairs Secretary Shaktikanta Das called the decision very 'bold' and 'decisive'. "There will be no impact on the liquidity on the wholesale markets. If at all there is any, we'll make sure that its addressed", Patel added.

Further, Das said that the step taken by the government is necessary in medium & long term interest of economy, which will help in maintaining financial & economic integrity.

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"Other denomination currency notes will be printed in due course," Das said.