Banks received about Rs 8.45 lakh cr worth of scrapped notes | business-news | Hindustan Times
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Banks received about Rs 8.45 lakh cr worth of scrapped notes

business Updated: Nov 29, 2016 07:47 IST
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A person holds banned 500 and 1000 rupee notes during a protest against the government's decision to withdraw high denomination notes from circulation, in front of RBI in Hyderabad on Monday. (AP Photo)

People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonetisation of the high value currency.

The banks also disbursed over 2.16 lakh crore over the counter and via ATMs between November 10 and November 27, the Reserve Bank said in a statement.

Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to Rs 8,44,982 crore.

Consequent to the announcement of withdrawal of legal tender status of Rs 500 and Rs 1,000 banknotes from the midnight of November 8, 2016, RBI had made arrangements for exchange and/or deposit of such notes.

The facility was available 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 up to November 27, 2016 amounted to Rs 8,44,982 crore,” the central bank said in a statement.

Highlights
  • RBI says people have exchanged/deposited scrapped notes worth about Rs 8.45 lakh crore till Nov 27
  • The exchange notes deposited amounted to Rs 33,948 crore.
  • Deposits in the banks were worth Rs 8,11,033 crore.

Of this, the exchange (of old Rs 500/1000 notes) amounted to Rs 33,948 crore and deposits amounted to Rs 8,11,033 crore.

Banks, RBI said, have also reported that the public have withdrawn Rs 2,16,617 crore from their accounts either over the counter or through ATMs.

People have been queueing up at ATMs for cash withdrawal.

An account holder is allowed to withdraw Rs 24,000 a week, including ATM withdrawals. The daily withdrawal limit for ATM has been set at Rs 2,500 per day.