Reserve Bank of India (RBI) Governor Urjit Patel on Friday said the central bank was moving at a fast pace towards remonetisation, having restored normalcy over a short period as the printing of the currency was going on at full capacity from day one of demonetisation.
“I think that in terms of remonetisation, we are proceeding at a pace that is very quick. Therefore we have managed to bring the situation to normal along most of the dimensions after demonetisation,” Patel told CNBC-TV18 in an interview.
“In a way, this was part of the plan that we would be printing the currency notes to full capacity from day one and we would reach a threshold point in this process when things do become more or less normal. So, that is again part of the good work that has been done,” he added.
Patel said he was confident that like demonetisation, remonetisation too would achieve its objectives, criticism or no criticism.
“That has always been the case. What makes news is fairly subjective in this regard,” he said.