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

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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State Bank of India, Chandni Chowk, Delhi. Wikimedia

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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SBI Waives Charges on RTGS and NEFT Transactions

State Bank of India (SBI), the largest commercial bank in the country has waived RTGS and NEFT charges

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SBI, RTGS, NEFT
In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1. Pixabay

Lending major State Bank of India on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1.

In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1.

“In order to provide an impetus to digital funds movement, State Bank of India (SBI), the largest commercial bank in the country has waived RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer System) charges for YONO (an integrated digital and lifestyle platform by SBI), internet banking (INB) and mobile banking (MB) customers from July 1, 2019,” it said.

SBI, RTGS, NEFT
Lending major State Bank of India (SBI) on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1. Pixabay

The SBI used to charge between Rs 1-5 for transactions through NEFT, and Rs 5-50 for RTGS transactions before July 1.

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The Reserve Bank of India (RBI) decided not to impose charges on RTGS and NEFT transactions on banks from July and also urged the banks to pass on the benefit to the customers. (IANS)