Traders in Kanpur city in India's northern Uttar Pradesh state have put up posters and billboards likening Prime Minister Narendra Modi to North Korean leader Kim Jong-un.

"Kim has decided to destroy the world, Modi has decided to destroy business," read the posters in Hindi which were put up after some banks reportedly refused to accept low denomination coins.

"I will not rest till I destroy business," read the caption under Modi's image. It also urged the Indian prime minister to address the matter during his weekly radio programme.

As many as 23 people have been taken into custody by the police for putting up the posters. Among other things, they have been charged with "wantonly giving provocation with intent to cause riot".

Despite several attempts by IBTimes UK for more information, the Kanpur police could not be reached. This story will be updated with more information when it is available.

It is estimated that coins worth Rs 2bn (£23m) are currently in circulation in Kanpur alone with many small and mid-level traders ending up hoarding coins worth hundreds of thousands post demonetisation of high-value currency in 2016 by Modi.

The traders say their efforts to deposit the huge volume of coins in banks have failed despite knocking on the doors of India's central bank and authorities. This has badly affected their business, they say. The banks say they do not have enough chests to keep the coins.

According to the traders, they have been forced to pay their workers in coins which in turn are not accepted by banks or shopkeepers. Many fear they will have to shut down their businesses unless the problem is resolved.