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Demonetisation: Banking system received net deposit of Rs.6,300 billion till Nov 27th, 2016

Consequent to the announcement of withdrawal of legal tender status of banknotes of ? 500 and ? 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ? 8,44,982 crore (exchange amounted to ? 33,948 crore and deposits amounted to ? 8,11,033 crore).

They have also reported that the public have withdrawn, during this period, ? 2,16,617 crore from their accounts either over the counter or through ATMs.

Alex

Alex is a writer and digital content enthusiast who enjoys covering technology, current trends, useful tips, and topics that matter to everyday readers. With a focus on clear, informative, and easy-to-understand content, Alex aims to provide readers with practical insights and interesting perspectives across a wide range of subjects.

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