This recent growth in currency with public is quite puzzling as none of the indicators validates this growth as nominal growth has collapsed,” the report stated.
State Bank of India has collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes.
The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 pm, SBI said in a statement. It exchanged Rs 5,776 crore of old Rs 500 and Rs 1,000 notes since November 10. There were 151.93 lakh cash withdrawal transactions amounting to Rs 18,665 crore. People are allowed to exchange Rs 4,500 worth of old Rs 500 & Rs 1,000 notes per day.