Rs 1.03 trillion withdrawn from bank accounts since November 10: RBI

Zee Media Bureau

New Delhi: People have withdrawn Rs 1.03 lakh crore of cash over the counter and ATMs between November 10 and 18, the Reserve Bank of India said in a statement issued on Monday.

The statement issued by RBI says, "Banks have since reported that such exchange/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"The public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs," it added.

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements 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.

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.

(ANI inputs)