The State Bank of India (SBI), India’s largest public sector lender, collected Rs 38,677 crore in deposits and exchanged old currency notes worth Rs 1,666 crore till 6 pm on Friday after the government scrapped Rs 500 and Rs 1,000 notes on Tuesday, the bank said.
“On Thursday, cash deposits were Rs 21,150 crore while exchanges were Rs 723 crore. Till 6 pm on Friday , cash deposited was Rs 17,527 crore and exchanges stood at Rs 943 crore,” SBI Chairperson Arundhati Bhattacharya told reporters while announcing its quarterly result on Friday.
The banks were closed on Wednesday.
In the beginning of the press conference the bank had said it had received Rs 53,000. But later clarified that the total amount collected was Rs 38,670 crore. Bhattacharya said whatever was exchanged and deposited, it has been replenished in the system.
She said all issues will be sorted in the next one or two days but there will not be any cash shortage.
The bank in just one day (Thursday) received Rs 18,000 crore in its Casa. “In one day our savings deposit have gone up by Rs 11,000 crore. Normally, deposit go up by about Rs 8,000 crore per month. Our current account deposit has gone up by 7,000 crore all in one day,” she said.
Bhattacharya said with the kind of deposits flowing into the bank, the cost of funds is going to ease which may help in reducing deposit rates and MCLR.
People across the country rushed to branches and ATMs across the country to replace their old high value currencies as Prime Minister Narendra Modi recently announced withdrawal of Rs 500 and Rs 1,000 currency notes from circulation in a bid to flush out black money.
