RBI disburses more than 1 lac Cr while Rs 5.44 Cr have been deposited

Since the demonetisation decision has been made by the current government in power by banning Rs 500 and Rs 1000 note,there are some very interesting numbers that are coming out from the various banks on the deposits front. A whopping amount of Rs 5,11,655 has been deposited by Indians across the country.  This may well be a temporary deposit, nevertheless this float money can be expected to benefit the whole banking system in India.

Reserve Bank of India (RBI) on the other hand said that it disbursed Rs 1,03,316 crore to customers through various bank branches and ATMs between November 10 & November 18, 2016.

The total amount that Banks have garnered is Rs 5,44,571 crore which includes the exchanged amount of Rs 33,006 crore.

The whole banking system is under pressure with people flooding banks with the hope to get either the new notes or to exchange the old ones for the new ones. The banks have been kept open on weekends in order to serve the urgent needs of the public.

The demonetisation move even though widely appreciated by the public in general has also been dubbed a planning failure as the post announcement measures to make the system work smoothly are visibly poor and has caused a liquidity crunch in the whole economy so much so that the GDP has been downgraded by experts to the tune of 0.5 per cent.