As per RBI, the deposits in banks on account of demonetization are Rs 11.5 lakh crore. But, SBI has raised the possibility of double-counting of deposits mainly that of interbank deposits and of new and valid currency notes along with withdrawn currency.
Previously, SBI used to release its collection data daily but now it has stopped reporting the numbers, citing that these were not giving the proper scenario as they included interbank deposits and deposits of legal tender, which have started coming in. The net deposits mobilized by the bank from November 10 are understood to have touched Rs 3.5 lakh crore.
Ms. Arundhati Bhattacharya, chairman, SBI said that they are not releasing their numbers since SBI believes that there is a possibility of double-counting. Post offices and cooperative banks have accounts with them and they also started receiving new notes as deposits. She further added that it was not possible to comment on the RBI numbers since she was not aware if the issues were being addressed. The research wing of SBI, however, said that there is a possibility of double-counting of 10-15 per cent in bank deposits.
During the monetary policy press conference, R Gandhi, RBI deputy governor said that the total money pumped into banks has exceeded Rs 11.5 lakh crore. This had led to speculation that most of the Rs 14.95 lakh crore of withdrawn high-denomination bank notes will come back to banks in the form of deposits. He further added that the RBI has already supplied banknotes of various denominations worth Rs 3.81 lakh crore and was continuing to pump in currency on a daily basis. For the last two weeks, they have recalibrated their production towards the (Rs) 500 and the (Rs) 100s. Once that happens, the circulation of the (Rs) 2000s will also go up and they will witness the benefit in coming days as production supplies reach the banks.
Providing the break-up of the currency infused, Gandhi said that the RBI has pumped in Rs 85,000 crore worth notes of Rs 100, Rs 9,000 crore worth notes of Rs 50 and Rs 3,100 crore worth Rs 10 notes since demonetization. This is more than what the Reserve Bank had supplied to the mass in the whole of last three years.
On 8th Dec, SBI share price opened above 1.15 per cent at Rs. 258.45. The stock is trading at Rs. 258.55 against its previous closing at Rs. 255.60.
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