Demonetisation: SBI cash deposits cross Rs 1.2 lakh crore in 7 days

Bankers at work, counting discontinued Rs 500 notes. Image Source: Reuters

Cash deposits in State Bank of India reach Rs 1.27 lakh crore
Exchange of old note transactions reach Rs 6,477 crore, says SBI

SBI says cash withdrawal transactions amount to Rs 23,337 crore

After the demonetisation of old Rs 500 and Rs 1,000 notes, State Bank of India (SBI) announced on Friday that its cash deposits reached Rs 1.27 lakh crore from the period November 10 to November 17.

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The lender said that the exchange of old note transactions have amounted to Rs 6,477 crore in just seven days. Cash withdrawals in the same period amounted to Rs 23,337 crore, SBI said.

SBI had earlier reported net cash deposits to the tune of Rs 83,702 crore on November 14.

The increase in bank deposits and banking transactions were a result of the ongoing rush and people queuing up to deposit their old currency notes that were declared as illegal tender by PM Modi on the night of November 8.

After the announcement, RBI declared that all banks would remained shut on November 9 to recalibrate their accounts and stock up on currency notes.

The move by the Prime Minister was to curtail black money circulation that was present in the higher denominations in the Indian economy.

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Rupee Rs 1000 notes 500 rs notes PM Modi Narendra Modi Demonetisation Currency Ban State Bank of India (SBI)Banking & Financial Services