Gurumurthy said \"In just 18 months prior to DeMo 500 rupee, 1,000 rupee rose to 4.8 lakh crore that is what funded the real estate and gold prices and we would have gone the same way, 2008 in the US due to sub-prime lending...\"

Nobroker, already operational in Mumbai, Bengaluru, Pune, Chennai, and Gurugram, is also planning to expand its presence to the top 50 cities in the next few years.

Before the official announcement by PM Modi, the RBI's Central Board, in its meeting had differed with the government's claim that the note ban would curb black money circulation, citing that most cash was in the form of real estate.