Indian Economy May Wobble on Cash Crunch

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The Indian government's recent decision to withdraw higher-value banknotes was designed to curb corruption. In the short term though it's led to chaos and confusion. Long queues have formed at banks and cash machines, as people rush to exchange their notes for legal currency. That in turn has led to a big shortage of cash, in an economy where around 90 percent of transactions still use notes and coins. We talk to Aniban Nag, who's based in Mumbai for Bloomberg about how daily life is being affected. Meanwhile, the European Commission has imposed fines of around 520 million dollars on HSBC, JP Morgan and Credit Agricole. Photo Credit: Navya Ponnuru