- The total cash deposited in banks since the demonetization move has crossed Rs 1.5 lakh crore 8.
- There had been withdrawals of Rs 7,705 crore in currency notes of Rs 100 and Rs 2,000 until Sunday.
- The Reserve Bank of India has notified the introduction of the new Rs 500 currency note.
Crowds continued to throng bank branches on Sunday, the fifth day after demonetization , but there were fewer customers waiting to exchange and deposit notes and a large number to withdraw funds. Card transactions at the PoS machines of a leading private bank faced problems even as more ATMs went live (at least for an hour) until cash ran out.
The total cash deposited in banks since the announcement of the withdrawal of the old Rs 500 and Rs 1,000 notes has crossed Rs 1.5 lakh crore, according to estimates received from different banks. SBI received total cash deposits of Rs 75,945 crore and exchanged currency worth Rs 3,753 crore.
Against this, there had been withdrawals of Rs 7,705 crore in currency notes of Rs 100 and Rs 2,000 until Sunday.
On Sunday, banks took measures to speed up cash transportation, giving more power to officials to improve availability of currency in branches. On Monday, banks will be closed in several states on account of Guru Nanak Jayanti. Cash deposits are expected to pick up next week with utilities ceasing to accept old high-denomination currency notes from November 14.
Branches in eight states – Gujarat, Madhya Pradesh, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Bihar, and Haryana – will be open for transactions on Monday.
Bankers said they had streamlined the queue system at their branches.
- Most banks have started a token a system and separate queues for senior citizens.