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State Bank of India’s Demonetisation Deposits swell to Rs 75,945 Crore, after PM Modi’s Masterstroke Move

Author : NewsGram Desk

Chennai, Nov 14, 2016: India's largest lender State Bank of India (SBI) has seen Rs.75,945 crore in deposits since the demonetisation of high-denomination currency notes on November 8, said a senior official on Sunday.

"The cumulative deposits (of invalid Rs.500 and Rs.1,000 notes) position for the period 10.11.2016 to 13.11.2016 (till 5 p.m.) is Rs.75,945 crore from 165.78 lakh transactions," said the official, who wished not to be identified.

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The official said the bank has exchanged old notes for valid legal tenders worth Rs.3,753 crore in 103.09 lakh transactions.

The total value of cash withdrawals during the period under review was Rs.7,705 crore from 103.09 lakh transactions.

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On Tuesday, the Centre announced that Rs.500 and Rs.1,000 notes would cease to be legal tender from November 8 midnight. (IANS)

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