Demonetization: Banks receive Rs 8.11 lakh crore in deposits

The Reserve Bank of India (RBI) said that the banks have received deposits worth Rs 8.11 lakh crore (Rs 8,11,033 crore) since the demonetization drive began. 

The government decommissioned the use of Rs 500 and Rs 1,000 banknotes on November 8, removing 86% of the currency ((in value) from the system. This amounted to about Rs 14 lakh crore (value) in banknotes.

Out of this, the central bank said on Monday, that it had received Rs 8,11,033 crore in deposits. 

Apart from this, Rs 33,948 crore worth of Rs 500 and Rs 1,000 notes were exchanged over the counter for the acceptable legal tender. This means, the total amount of money that came back into the system since the demonetization drive, was Rs 8,44,982 crore. 

Since November 8, the public has withdrawn Rs 2,16,617 crore from their accounts at ATMs or over the counter at the banks.