Moneycontrol
Dec 07, 2016 05:39 PM IST IST | Source: Moneycontrol.com

Rs 11.5 lakh crore deposited with banks so far: Dy Governor

Speaking on the cash crunch in the economy, Gandhi said the central bank was trying to provide adequate cash.

Moneycontrol Bureau

Banks have collected Rs 11.5 lakh crore so far since the demonetisation scheme was implemented on November 8, Deputy Governor R Gandhi said in a press conference held after the policy meet today.

The government had banned high value currency notes – Rs 500 and Rs 1,000 – last month to curb black money and terrorism funding.

The central bank has supplied about 19 billion notes to banks, an amount which it usually does over a three-year period.

Speaking on the cash crunch in the economy, Gandhi said the central bank was trying to provide adequate liquidity.

In last two weeks, the focus has been on printing Rs 100 and Rs 500 currency notes, Governor Urjit Patel said.

The Reserve Bank today kept the repo rate unchanged at 6.25 percent while maintaining its inflation target for March.
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