'No adverse impact likely on auto sector'

RAMGARH: The Federation of Automobile Dealers' Association (FADA), Jharkhand, on Saturday said there would be no adverse impact on the sale of automobiles by the RBI's decision to withdraw Rs 2000 denomination banknotes from circulation.

FADA chairman Govid Mewar welcomed the decision and said the government has given nearly four months to exchange the high-value note. Most vehicle dealers in the town said 90% of the payments are received through the digital mode. Sanjeev Kumar, the district manager of the lead bankers in Ramgarh, said all 114 branches of the public and private sector banks in the district have been asked to complay with the RBI circular.