SBI receives Rs 2,000 notes worth Rs 14,000 For Deposit

Following demonetization which involved the withdrawal of Rs 2000 notes circulation by RBI, people are rushing to the banks to deposit the high-value note. Amidst this, India’s largest lender, State Bank of India received Rs 14,000 crore of 2000 notes as deposits. The announcement was in Gandhinagar on the sidelines of SBI’s foreign currency bonds listing ceremony at GIFT-IFSC by SBI’s chairman Dinesh Kumar Khara.

While interacting with media persons during his visit, 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 per cent of the market.”

The SBI official further mentioned, “It continues to be a legal tender and there is a fairly wide window that has been given for exchange. So the very matter that it is a legal tender has taken away the anxiety from the minds of people.”

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Rs 2000 past and present

On May 19, the RBI made a surprise move and announced that it had withdrawn Rs 2000 banknotes from circulation. However, the notes remain to be legal tender. Speaking of, the Rs 2000 banknote was introduced in the year 2016 by the central bank following the demonetization of all Rs 500 and Rs 1,000 banknotes. The step to introduce the high-value banknote was to meet the currency requirement of the economy following the demonetization.

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