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The finance ministry, yesterday, increased the limit of old and now withdrawn Rs 500 and Rs 1,000 notes that can be exchanged for freshly minted Rs 2,000 and new Rs 500 notes from Rs 4,000 to Rs 4,500 per day.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