India’s largest public sector lender, State Bank of India, received Rs 2,000 denomination notes worth Rs 80,886 crore till September 30 this year, according to the response to an RTI query by Moneycontrol.
In its reply, the bank also said that Rs 14,079 crore was received as exchange and Rs 66,807 crore through deposits.
RBI Governor Shaktikanta Das had recently expressed confidence that the remaining Rs 2,000 banknotes would be exchanged or deposited.
“Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back,” he said.
The Reserve Bank of India (RBI) on September 30 updated that about 96 per cent of the Rs 2,000 banknotes in circulation, as of May 19, 2023, have been returned. Total value of Rs 3.56 lakh crore of Rs 2,000 notes was in circulation as of May 19, out of which Rs 3.42 lakh crore has been returned, it said.
The central bank announced the withdrawal of the currency on May 19 due to its ‘Clean Note’ policy with September 30 as the last date. However, it extended the last date till October 7.
RBI issued around 89 per cent of the Rs 2,000 denomination notes before March 2017. The total value of the notes in circulation declined from Rs 6.73 lakh crore, constituting 37.3 per cent of notes in circulation, as on March 31, 2018, to Rs 3.62 lakh crore constituting 10.8 per cent of notes in circulation as on March 31, 2023.