BUSINESS

Demonetisation Effect: SBI Collects Deposits Of ₹53,000 Crore In Two Days

They have also exchanged currency worth about ₹1,500 crore.

12/11/2016 9:33 AM IST | Updated 12/11/2016 9:40 AM IST
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Mukesh Gupta / Reuters
Bank employees count old ₹500 banknotes inside a bank.

MUMBAI -- SBI on Friday said it had received deposits worth ₹53,000 crore after the government scrapped ₹500 and ₹1,000 notes. They added that they had exchanged currency worth about ₹1,500 crore so far.

"The bank got deposits of ₹31,000 crore on Thursday. Till now [Friday], the amount of deposit is ₹22,000 crore . The business is going well of demonetisation. We have additional counters," SBI Chairperson Arundhati Bhattacharya said while announcing its quarterly result on Friday.

SBI had on Thursday replaced about ₹750 crore worth of notes with the junked ones, while till mid-day on Friday it had exchanged currency amounting to ₹723 crore.

The bank has been able to press into service only about half of its ATM network nationwide.

"We have also been able to put up 29,000 ATMs and Cash Deposit Machines today. Of these, 21,000 ATMs and rest are CDMs," she said.

People across the country thronged to branches and ATMs across the country to replace their old high value currencies as Prime Minister Narendra Modi on Tuesday night announced withdrawal of ₹500 and ₹1,000 notes from circulation in a bid to flush out black money.

Only a maximum of ₹4,000 per person in cash irrespective of the size of tender was being given per person after submission of valid identity proof. Anything over and above this value was credited to bank account.

Banks set up additional counters to change cash as also allow withdrawal from bank accounts through cheque or withdrawal slips with a ceiling of ₹10,000 in a day within an overall limit of ₹20,000 in a week (including withdrawals from ATMs) for the first fortnight, that is, up to 24 November.

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