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Jammu & Kashmir deposits Rs 15,000 Cr during demonetisation without chaos

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While Jammu and Kashmir remained conspicuous for not witnessing chaos at banks and ATMs in the wake of demonetisation, the trouble-torn state deposited around Rs 15,000 crores in financial institutions, mainly the J&K Bank.

Different arguments back the unusual calm. One such argument is that the number of bank accounts in JK supersede the population. Officials say there are around 1.50 crore bank accounts in a state with the population of 1.25 crore.

The second notion is that Kashmiri people have a traditional habit of stocking essentials for months together and thus usually don’t run short of money to meet their daily needs. Another strong argument is that people of the militancy-infested region have learnt that the safest option to save money is banks.

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