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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
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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 Launched MOPAD For Digital Convenience Of Customers And Merchants

MOPAD allows the customer to make payments through "Cards, Bharat QR, UPI and SBI Buddy (e-wallet)" on a single PoS (Point of Sale) terminal.

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"This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.". Flickr

Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for digital convenience of customers and merchants.

According to the lending major, MOPAD allows the customer to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.

“MOPAD will help merchants to integrate different kinds of transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” SBI Chairman Rajnish Kumar was quoted as saying in a statement.

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr
As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr

“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”

Also Read: SBI reduces lending rates on home and vehicle loans

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner.

Currently, SBI has deployed 6.23 lakh PoS terminals. (IANS)