Last week, in an attempt to curb the black money, PM Modi announced the discontinuation of Rs.500 and Rs.1000 notes. Since then, people have been rushing to banks to exchange their currency notes or deposit these notes in their bank account.
Hence, AMFI has requested RBI to leverage mutual fund network across the country to help people in this difficult time. AMFI believes that fund houses are well equipped to carry out basic banking operations of depositing and exchanging currency notes.
C VR Rajendran, CEO, AMFI said, “We have around 2000 branches of our member fund houses across the country. The government has taken right steps to curb the black money issue and thus, in this hour of need, we want to help people who are standing in queues.”
He further said, “We have already sought a meeting with RBI to discuss this further.”
