Money & Banking

SBI gets deposits of Rs 83,702 crore in five days

PTI Mumbai | Updated on January 15, 2018 Published on November 15, 2016

State Bank of India today said it has collected Rs 83,702 crore in deposits in the last five days following the government’s decision to demonetise the old Rs 500 and Rs 1,000 notes.

The country’s largest lender exchanged Rs 4,146 crore of scrapped notes between November 10 and November 14 up to 5 pm, the bank said.

Though several branches were closed in many parts the country on account of Gurunanak Jayanti today, a number of branches, especially in southern states, were open.

Withdrawals from SBI branches stood at Rs 9,342 crore since November 10.

The bank witnessed withdrawals from ATMs to the tune of Rs 1,958 crore till 5 pm today.

Its customers deposited Rs 4,654 crore worth of old Rs 500 and Rs 1,000 notes through cash depositing machines.

The finance ministry, yesterday, increased the limit of old and now withdrawn Rs 500 and Rs 1,000 notes that can be exchanged for freshly minted Rs 2,000 and new Rs 500 notes from Rs 4,000 to Rs 4,500 per day.

Cash withdrawal limit at ATMs was hiked to Rs 2,500 from Rs 2,000 a day.

The weekly limit of Rs 20,000 for withdrawal from bank counters has been increased to Rs 24,000.

In a statement issued yesterday, Indian Banks Association (IBA) had said in the last three days, banks disbursed nearly Rs 30,000 crore in currency notes of lower denominations and the newly introduced Rs 2,000 notes.

Published on November 15, 2016

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.