GST, note ban to have far reaching impact: RBI Governor

New Delhi: The Reserve Bank of India (RBI) governor Urjit Patel has expressed that Goods and Services The governor in his Financial Stability Report published by the RBI said that the withdrawal of specified bank notes will impart far reaching changes going forward.

"With respect to demonetisation, it is expected to significantly transform the domestic economy in due course in terms of greater intermediation, efficiency gains, accountability and transparency through increasing adoption of digital modes of payments, notwithstanding the short-term disruptions in certain segments of the economy and public hardship," added Patel.Raising concerns about stress in the banking sector, he said

"While the domestic banking sector continues to face significant levels of stress partly reflecting legacy issues, on balance, enhanced transparency has helped to reinforce the stability of India`s financial system."

With ANI Inputs