RBI says Rs. 11.5 lakh crore collected post demonetization
New Delhi [India], Dec 7 (ANI): Reserve Bank of India (RBI) Deputy Governor Rama Subramaniam Gandhi on Wednesday announced that the banks have collected Rs. 11.5 lakh crore so far post the November 8 demonetisation drive.
The government last month banned high value currency notes of Rs. 500 and Rs. 1,000 to curb black money and terrorism funding.
"The central bank has supplied about 19 billion notes to banks, an amount which it usually does over a three-year period," said Gandhi.
Speaking on the cash crunch in the economy, Gandhi said the central bank was trying to provide adequate liquidity.
Adding to this further, Governor Urjit Patel said that the focus has been on printing Rs. 100 and Rs. 500 currency notes in the last two weeks.
He also thanked all banking system employees for working tirelessly in handling the outcome of the decision to demonetise Rs. 500 and Rs. 1,000 legal tender.
Meanwhile, the RBI today left the policy rate unchanged at 6.25 percent in its fifth bimonthly policy review. (ANI)