RBI announces total withdrawal of Rs. 5,44,571 crore post demonetisation

Following the troubles faced by the common man post the government's demonetisation drive, the Reserve Bank of India (RBI) has in a series of measures announced that total exchange and deposits effected from November 10, 2016, up to November 18, 2016, amounted to Rs. 5,44,571 crore (exchange amounted to Rs. 33,006 crore and deposits amounted to Rs. 5,11,565 crore).

The banking major has also reported that the general public has withdrawn Rs. 1,03,316 crore from their accounts either over the counter or through ATMs during this period.

It should be noted that the RBI has over the last one week sought to ease cash supply owing to which the holders of current, overdraft and cash credit accounts may now withdraw up to Rs. 50,000 in cash in a week.

However, a criterion for the cash withdrawal is that such accounts should have been operational for three months or more.

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs. 500 and Rs. 1000 denominations from the midnight of November 8, 2016, arrangements were made for exchange and /or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.