Following demonetisation, banks exchanged notes/ received deposits amounting to ₹5,44,571 crore (exchange amounted to ₹33,006 crore and deposits ₹5,11,565 crore) from November 10,2016 to November 18, 2016 according to latest Reserve Bank of India data.
Banks have also reported that the public have withdrawn, during this
period, ₹1,03,316 crore from their accounts either over the counter or
through ATMs.
Consequent to the announcement of withdrawal of legal tender status of
banknotes of ₹500 and ₹1,000 denominations from the midnight of November
8, the Reserve Bank of India made arrangements for exchange and/ or
deposit of such notes at the counters of the Reserve Bank, commercial
banks, regional rural banks and urban cooperative banks, the RBI said.
The demonetisation will lead to 86 per cent of the currency getting
withdrawn. Banks and ATMs have seen serpentine queues over the last 12
days, with customers either wanting to exchange/ deposit old notes or
withdraw money for daily expenses.
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