Public deposited Rs 5.12 lakh crore in banks and exchanged old currency notes worth Rs 33,000 crore
November 21, 2016
New Delhi: Reserve Bank of India today in a statement said: Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs 500 and Rs 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 18, 2016 amounted to Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore). They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs.
– RBI communication
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