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People Have Withdrawn Rs 1.03 Trillion Since Nov 10: RBI

Updated: November 21, 2016, 7:57 PM IST
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People Have Withdrawn Rs 1.03 Trillion Since Nov 10: RBI
A man counts Rs 500 and Rs 1,000 bank notes outside a branch of Bank of India in Mumbai. (REUTERS)

New Delhi: People have exchanged and deposited over Rs 5.44 lakh crore (Rs 5.44 trillion) worth of scrapped Rs 500 and Rs 1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency.

ALSO READ: RBI Allows Rs 50,000 Per Week Withdrawal from Overdraft Accounts

The country’s banking watchdog also said banks have disbursed Rs 1.03 lakh crore cash over the counter and through ATMs between November 10 and 18.

"Banks have since reported that such exchange/deposits effected from November 10, 2016 up to 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).

"They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs," the statement said.

Long queues were witnessed on November 10, the day on which banks opened after announcement of demonetisation, as people thronged banks and post offices to exchange and deposit invalid currency notes.

The RBI on Monday also eased cash withdrawal norms, allowing overdraft and cash credit account holders to withdraw up to Rs 50,000 in a week.

ALSO READ: It's a Cosmetic Move: Global Financial Integrity on Demonetisation

Earlier, current account holders were allowed to withdraw up to Rs 50,000 in cash, in a week.

The Reserve Bank further said the Rs 50,000 withdrawals may be disbursed predominantly in Rs 2,000 denomination bank notes.

(With PTI inputs)

First Published: November 21, 2016, 2:51 PM IST
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