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Banks garnered Old Notes worth Rs.12.44 lakh cr till Dec.10: RBI

Banks garnered Old Notes worth Rs.12.44 lakh cr till Dec.10: RBI

 

The Reserve Bank of India (RBI) on Tuesday said that Rs 12.44 lakh crore of demonetised Rs 500 and Rs 1,000 notes have been deposited by the public, while they have issued Rs. 4.61 trillion (Rs 4.61 lakh crore) to them since the demonetisation announced on November 8.

 

The old notes of Rs. 500 and Rs. 1,000, which have been returned to the Reserve Bank and the currency chest, amounted Rs. to 12.44 trillion as of December 10. The money that various banks have issued through their counters and ATMs since November 10 and up to December 10 stood at Rs. 4.61 trillion,” RBI Deputy Governor R Gandhi told reporters here.

 

The entire system is continuously gearing up for supporting the circulation of notes in the hands of the public. Daily, we are issuing more and more notes, getting it printed and issuing it and this will be a continuous affair. The public are requested to freely use the notes that they have in their hands rather than hoard it,” Gandhi said.

 

The RBI also said that it has instructed the banks to do central data checking and take action against officials found involved in unlawful activities.

 

"Banks have taken action against errant officials. Banks must investigate when the data is suspicious. We have suspended a junior RBI official after dubious transaction issue. All the banks as well as RBI are having an institution of whistle blowers. It is a due process that will be undertaken. Due action has been initiated," RBI Deputy Governor S.S. Mundra said.

 

 

 

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