Rs 1 lakh crore withdrawal from banks since Nov 10: Reserve Bank of India

Mumbai, Nov 21: Reserve Bank of India on Monday said banks have disbursed Rs 1,03,316 crore to customers through branches and ATMs between November 10 and November 18, 2016.

Banks have garnered Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore), RBI said in a statement.

Banks had resumed operations on November 10, 2016, after they kept branches closed from the public interface on November 9 to prepare for receiving old notes for which legal tender status was withdrawn.
On November 8, 2016, the government had withdrawn legal tender status for old 500, and Rs 1,000 currency notes.

RBI made arrangements for exchange and /or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

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