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Demonetisation: 55% of cash returned to SBI from beyond urban hubs

SBI got Rs 1.93 lakh cr from November 10-25 in cash deposits

Abhijit Lele  |  Mumbai 

At least half or a bit more of the money people deposited after demonetisation in banks might be coming from rural and semi-urban India. State Bank of India (SBI), the country’s largest lender, got Rs 1.93 lakh crore (Rs 1.9 trillion) from November 10 to November 25 in cash deposits. The exchange of old notes was Rs 7,905 crore and withdrawals Rs 51,829 crore, SBI said. Senior SBI officials said the money deposited by customers from semi-urban regions and villages was 54-55% of the total.  In city and metropolitan regions, a substantial number of people use ...

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First Published: Mon, November 28 2016. 01:01 IST