Abstract
Demonetization refers to the process of stripping of currency unit of its status as legal tender. Demonetization was announced on 8th November, 2016 by the honorable Prime Minister, Mr. Narender Modi with the objective to remove black money, corruption, terrorism and counterfeit notes. Demonetization was a massive step taken by the government of India which had an immense effect on the Indian economy especially on the banking sector as banks forms the core sector of Indian economy. The study aims at finding an insight of impact of demonetization on banking sector, the results indicates demonetization had an initial dip in the short run but in the long run demonetization is going to have a positive impact on the Indian economy in the form of reduced corruption, greater digitalization, tax compliance and better formalization of the Indian economy.
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