RBI announces total withdrawal of Rs. 5,44,571 crore post demonetisation

BE/RBI/33/2016

Giving heed to the problems faced by the common man, after demonetisation of 500 and 1000 rupee notes by the Indian Government, the Reserve Bank of India (RBI) has come out with various measures and adds that total exchange and deposits effected from November 10, 2016 till 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).  RBI also reports that the general public has withdrawn Rs. 1,03,316 crore from their accounts during this period, either through ATMs or over the bank counters.

RBI has over the last one week taken steps to ease out the pressure on cash supply, due to which the holders of current, overdraft and cash credit accounts are now in a position to withdraw cash up to Rs. 50,000 in a week, the only pre condition being that such accounts should have been operational at least for the last three months.

Arrangements have been made at the Commercial Banks, Regional Rural Banks, Urban Co-operative Banks and Post offices, for exchange of old currency notes and also for deposit or such notes at the counters of RBI and commercial banks.  It is also reported, that subsequent to the introduction of indelible ink, the rush in the bank counters for exchange of notes has considerably come down.

Author: Admin Bankedge

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