State Bank India had urged that it has collected approximate 38,677 crores within two days. These days its branches have exchanged around 1666 crores after Modi Government declared the demonetization of 500 and 1000 notes.
The SBI Chairperson Arundhati Bhattacharya said that on Thursday 21,150 crore cash was deposited and they exchanged around 723 crores. Worth Rs. 17527 crore was deposited in the bank while the exchanged stood at 943 crore.
The beginning of the press conference, though the bank reported that it had collected around 53000 crores on Thursday 10th November 2016. After the bank clarified that the amount was around 38670 crores. The SBI Chairperson said that whatever amount was deposited and exchanged, the amount was reloaded in the system.
According to Arundhati Bhattacharya, there is no cash crisis either bank or ATMs. SBI bank is trying to send enough money to the branches as well as ATMs.
They need to one or two days to arrange all things so that people will not face any problem. But all branches and ATMs of SBI have stuffed enough cash, and there are not any cash deficiency.
Initially, the deposit money goes up to 11000 cores per month. However, due to demonetization of old notes declaration, the scale of deposit money has been reached to 18000 crores on Thursday only.
Deposit flowing can help to reduce deposit rates and MCLR rates, and this disinflationary may be the cause of reduction of lending rates.
If the demonetization changes the demand, then the market for luxury items will be affected. But according to the report from SBI, overall there is no record of falling in demand. Demands create from the bottom line. It flows to urban people to rural individuals, and the requirements are increased. So there is no change in demand till now.
On the other hand, the MD and CEO of Canara Bank said to Press Trust of India that the branches of South zone have received around 9500 crores while exchanged amount scale up till 390 crores. Canara Bank was opened on weekends.
Almost every branches of State Bank of India have a machinery system to deposit the money. But the government has decided a limitation of depositing money for every people and the intelligence units and Tax authorities will monitor whether the people are maintaining the rule or not; there is no chance for individual to refrain other’s money.
After the Government’s announcement of demonetization of Rs. 500 and Rs. 1000 notes, deposit and withdrawal limits, people were going ATMs to withdraw the lower amount of invalid currency.
Even banks and ATMs were closed for two days after the declaration because they needed to stock lower amount of demonetization notes.
While you will go to visit the Bank for depositing the scrapped 500 and 1000 Rs. notes you should produce the valid identity proof like Voter Card, PAN Card, Adhar Card, etc. The daily deposit limit is 4000rs. from 10th to 24th November and it will be increased gradually.