SBI receives Rs 53,000cr deposits in two days

SBI today said that it has received deposits worth Rs 53,000 crore after the government scrapped Rs 500 and Rs 1,000 notes, and has exchanged currency worth about Rs 1,500 crore so far.

SBI Chairperson Arundhati Bhattacharya said, while announcing the bank's quarterly results today,

The bank got deposits of Rs 31,000 crore yesterday. Today, till now, the amount of deposits is Rs 22,000 crore. The business of demonetisation is going well.We have additional counters.

SBI had yesterday replaced about Rs 750 crore worth of notes with the junked ones, while till mid-day today, it had exchanged currency amounting to Rs 723 crore. The bank has been able to press into service only about half of its ATM network nationwide.

We have also been able to put up 29,000 ATMs and Cash Deposit Machines today. Of these, 21,000 are ATMs, with the rest being CDMs, she said.

Also read : Rs 500 and Rs 1,000 notes to be invalid from midnight: Narendra Modi

People across the country thronged to bank branches and ATMs across the country to replace their old high value currencies after Prime Minister Narendra Modi, on Tuesday night, announced the withdrawal of 500 and 1,000-rupee notes from circulation in a bid to flush out black money.

Also read : Here are the 10 things you can do with your Rs 500 and Rs 1,000 notes

Only a maximum of Rs 4,000 in cash, irrespective of the size of tender, was being issued per person after the submission of valid identity proof. Anything over and above this value was credited to the bank account.

Also read : 10 things you should know about the new 2,000-rupee note

Banks set up additional counters to change cash, and also allow withdrawals from bank accounts through cheque or withdrawal slips with a ceiling of Rs 10,000 a day within an overall limit of Rs 20,000 in a week (including withdrawals from ATMs) for the first fortnight, i.e. up to November 24.