More than ₹4 lakh crore worth of cash was deposited in banks in the first five days after ₹500 and ₹1,000 notes were invalidated from November 9.
Indian Banks’ Association chairman Rajeev Rishi said, “As per the data, banks have got deposits worth ₹3,85,056 crore till November 14. The amount could be much more as some banks’ data is still not available with us. We collated the amount from 21 public sector banks, about 6 cooperative banks and 7-8 private banks.”
There are a total of 27 public banks and 19 private banks.
After the demonetisation move, customers have thronged bank branches to exchange ₹500 and ₹1,000 currency notes with notes of lower denomination such as ₹100, ₹50, ₹20 and ₹10.
The exchanged amount across banks is estimated to be at ₹22,464 crore, while the amount withdrawn by bank customers stands at ₹48,718 crore as per the available data.
The exchange limit at the branches for the first few days was ₹4,000 per person and increased to ₹4,500 on Sunday. About 5.12 crore people exchanged notes in the last five days at bank branches and ATMs.