Late on the evening of November 8, 10 executives at Tata Consultancy Services got on a conference call to discuss how to ensure that their banking customers will be able to comply with Prime Minister Narendra Modi’s demonetisation announcement.
“No bank could have been prepared for this. And, unlike foreign banks, banks in India are yet to adopt a high level of automation. Some of the smaller banks do not have very sophisticated online banking systems. Even depositing notes in ATMs is a concern because the machines are old and there are concerns about security,” said Sanchit Vir Gogia, Chief Analyst & CEO of Greyhound Research.