All the chairpersons and MDs of India’s top banks were meeting at Reserve Bank of India’s headquarters on the 15th floor of the Mint Street office in a special session that started at 7 pm. In Delhi, on the other hand, the top Cabinet ministers of the Modi government were meeting over an agenda regarding MoUs between India and Japan.
None of the top bank chiefs or the ministers of the government were aware of what was to happen.
The Cabinet meeting ended at 7.30 pm and the PM went to meet the President to inform him about the plan. The ministers were instructed to remain in the meeting hall. The bankers on the other hand, were discussing the situation from the Non-Performing Assets (NPAs) in the economy.
Just before 8 PM, the TV sets were switched on to listen to the PM, with the understanding that the meeting would continue after the PM address. Of course, the announcement from the PM was going to be earth-shattering for most bankers who had to rush back to their offices to handle the situation arising from the ban of Rs 500 and Rs 1000!