SBI receives Rs 2,000 notes worth Rs 14,000 crore as deposit, says Chairman Dinesh Kumar Khara

SBI receives Rs 2000 notes worth Rs 14,000 crore as deposit, says Chairman Dinesh Kumar Khara

India's largest lender, State Bank of India, had received Rs 2,000 currency notes worth Rs 14,000 crore in deposits after the Reserve Bank of India's (RBI) move to withdraw the high-value currency notes from circulation.

The announcement was made by SBI's chairman Dinesh Kumar Khara, on the sidelines of SBI's foreign currency bonds listing ceremony at GIFT-IFSC in Gandhinagar.

According to The Hindu, Khara said, "Around Rs 14,000 crore worth of Rs 2,000 currency notes have come into the accounts as deposits, while notes worth Rs 3,000 crore were exchanged through the branch network. Generally, we are about 20 percent of the market."

Moneycontrol could not independently verify this news development.

RBI on May 19 announced it had withdrawn Rs 2,000 banknotes from circulation in a surprise move. Regardless, notes of Rs 2,000 denomination will continue to be legal tender.

Also Read | Rs 2,000 notes: Most banks insist on customers filling separate forms for note exchange

However, the withdrawn currency note of Rs 2,000 continues to be a legal tender, and there was a "fairly wide window given for exchange" that took away the anxiety from the mind of the people, Khara added, as per the report.

The Rs 2,000 banknote was introduced by the central bank in November 2016 in order to meet the currency requirement of the economy after the demonetisation of all Rs 500 and Rs 1,000 denomination banknotes.