Banks Collect Rs 5.44 Lakh Crore So Far In Cash Clean-Up Exercise
RBI announces collection by banks through demonetisation drive.
Banks have collected a total of Rs 5.44 lakh crore between November 10 and November 18 in deposits and as part of the process of exchanging the scrapped Rs 500 and Rs 1,000 notes, the Reserve Bank of India said in a release on Monday.
On November 8, Prime Minister Narendra Modi announced that with effect from midnight on November 9, Rs 500 and Rs 1,000 notes would no longer be legal tender. According to data available in the Reserve Bank of India’s annual report, these two bank notes accounted for 86.4 percent of currency in circulation, that is around Rs 14.2 lakh crore.
The total deposits accepted by banks in eight days ending November 18 amounted to Rs 5.11 lakh crore, while scrapped notes worth Rs 33,006 crore were exchanged.
Total withdrawals from automated teller machines and across the counter at bank branches stood at Rs 1.03 lakh crore between November 10 and November 18, the central bank said.
Banks will continue to accept deposits of the old Rs 500 and Rs 1,000 notes till December 30.
Curbs on withdrawal of cash continue to remain in place. As of now, customers can withdraw Rs 24,000 per week from a bank branch and Rs 2,500 from ATMs on a daily basis. Customers can exchange only Rs 2,000 worth of old currency, according to the latest finance ministry guidelines.
