Post-demonetisation, Indian Bank mobilised Rs 29,115 crore deposits

Post government's demonetisation decision, Chennai-based Indian Bank met the payment needs of customers in 2.11 crore transactions with a total amount of Rs 10,986 crore. Also, 1.17 crore transactions accepting deposits of Rs 29,115 crore were done till December 16.

These were done by around 20,000 employees serving in 2,581 branches and are directed towards providing 'ease of banking'.

MD & CEO of Indian Bank, M K Jain informed that since the date of demonetisation till December 16, 2016, Indian Bank met the payment needs of customers in 2.11 crore transactions with a total amount of Rs 10,986 crore. Also, 1.17 crore transactions accepting deposits of Rs 29,115 crore were done. Using the services of banking correspondents, 22.69 lakh transactions were carried out during this period.

Re-calibration of about 99 per cent of the CAPEX ATMs and 70 per cent of OPEX ATMs in the Indian Bank has been completed in a relatively quick span of time. Some of the ATMs were made to dispense cash 24X7, with one of such ATM recording a peak hit of 2062 withdrawals on one of the days in this period. 

Post-demonetisation, Indian Bank's ATMs across the country dispensed about Rs 1,130 crore in 59.57 lakh transactions. Bunch Note Acceptors (BNAs) played a complementary role by accepting 13.42 lakh deposit transactions and dispensing cash to about 0.76 lakh customers, since demonetisation.

He said besides extending service beyond the normal working hours on many days and also on two consecutive holidays, special counters were opened for senior citizens, women with small children, pensioners and farmers.

For bringing in workers in the unorganised sector into the banking ambit, the Indian Bank conducted 4,973 Special Camps in which about 96,000 accounts were opened. About 13 lakh non-customers were enabled to exchange Specified Bank Notes valuing Rs 456 crore.

The bank has put in the plan of action for positioning itself as a 'Digital Bank' and the efforts of the bank were accentuated in the post-demonetisation period which is evidenced by a surge in digital transactions by 94 per cent since November 9, 2016.

The slippages are going to go up by one or two per cent. The bank collects around Rs 170 crore every month from the category exempted and the instalments for November and December are to be paid by the customer in January and February. 

However, those who have crossed the 90 day NPA criteria during November and December are declared as NPA as per the usual procedure. Some of the customers, without knowing this detail, has not paid the instalment and this will increase the NPA slightly. Besides, those who did not pay these two months have to pay two month's instalment in January and February.

The bank has exchanged Rs 456.39 crore from 13.08 lakh customers.