55% of Cash Deposits

Either at State Bank of India or other banks, at least half or a bit more of the money remitted by people after demonetisation with an extensive branch network, might be coming mainly from Rural and Semi urban areas.  SBI, the largest of the Indian Banks, has received around Rs. 1.93 lakh crore from November 10 till November 25 of this month in cash as deposits.

 

The exchange of old denomination notes of 500 and 1000 was Rs. 7,905 crore and withdrawals amounted to Rs. 51,829 crore as per the Bank’s statement. Here the money remitted by Rural and Semi urban folks accounted for 54-55 per cent of the total.

Author: Admin Bankedge

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