Search
Against Speculation, Deposited Money Post Demonetization Stays put in Banks
June 28, 2017
The data from the Reserve Bank of India shows that most of the money that was deposited with the banks after the note-ban initiative in November 2016 has stayed put. On June 9, the total worth of deposits in banks stood at Rs. 105.78 lakh crore which is 1% higher than the worth on December 23 that stood at Rs. 104.69 lakh crore.
According to Arundhati Bhattacharya, Chairman, State Bank of India, about 65% of the money that was moved into the banks after the note-ban has remained with them. However, lenders had expected only 40% of the deposited money to actually stay.
