RBI Governor: 87% Of Rs 2,000 Notes Came As Bank Deposits; Rs 12,000 Cr In Currency Has Yet To Be Returned

On Friday, Reserve Bank Governor Shaktikanta Das stated that 87 percent of the Rs 2,000 denomination notes removed have returned as deposits into banks, with the remainder being exchanged across counters.

Das stated at a press conference following the announcement of the bi-monthly monetary policy review that Rs 12,000 crore of the Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation as of May 19, 2023, have yet to be returned.

The RBI announced on Saturday that as of September 29, Rs 3.42 lakh crore of notes had been returned, with Rs 14,000 crore still to come back. The central bank also pushed out the deadline for returning the notes by a week.

Das stated that the RBI will emphatically focus on the 4 percent headline inflation target and that the monetary policy will be actively disinflationary until the price rise number falls.

“The RBI, as the government’s lender, is unconcerned about the central government finances”, Das continued.

According to Deputy Governor J Swaminathan, the outlier loan growth of 33 percent as against the overall credit growth of 13-14 percent made the RBI flag the issue of personal loans and prompt banks to take steps to avoid any risk accumulation.

Das instructed the financiers to smell where the crisis is likely to come up and to take proper action.

In addition, the governor claimed that if one were to believe the unaudited statistics, the gross non-performing assets had improved in the June quarter.

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