Bank deposits up 0.64% in January 6 fortnight

Mumbai: According to the data released by the Reserve Bank of India, deposits in banks jumped by 0.64 percent in the fortnight to January 6 after falling in the previous 14 days.

Banks deposits increased to Rs 10,584,171 crore in the fortnight to January 6 from Rs 10,516,237 crore collected during the fortnight ended December 23, the RBI said today.

Deposits collected in the fortnight to December 23 had declined by 0.7 per cent compared to Rs 10,591,313 crore accrued during the fortnight ended December 9. This was the first time that deposits have fallen since the government announced to demonetise old Rs 500 and Rs 1,000 notes on November 8.

During the fortnight ending November 25, deposits at banks had soared to Rs 10,517,719 crore from Rs 10,114,803 crore on November 11.

Banks witnessed surge in deposits scrapping of old high value notes worth Rs 20.15 trillion, which was 86 per cent of the currency in circulation.

Bank credit in the fortnight to January 6 stood at Rs 74,13,415 crore, up 0.9 per cent compared to Rs 73,48,054 crore in the fortnight ended December 23.

With PTI Inputs