SBI has received Rs 2,000 notes worth Rs 14,000 crore as deposits so far
By Team Newsable | First Published May 30, 2023, 11:01 AM ISTThe State Bank of India (SBI) has received Rs 14,000 crore of Rs 2,000 notes as deposits since the RBI withdrew the high-value note from circulation on May 23. This was announced by SBI chairman Dinesh Khara at an event.
Following the Reserve Bank of India's (RBI) decision to remove the high-value currency notes from circulation, deposits of Rs 14,000 crore were made to State Bank of India, the largest lender in India. At the sidelines of the SBI's foreign currency bonds listing event at GIFT-IFSC in Gandhinagar, chairman Dinesh Kumar Khara made the announcement.
According to Khara, "Rs 2,000 currency notes worth almost Rs 14,000 crore were received into the accounts as deposits, while Rs 3,000 crore worth of notes were swapped through the branch network. We typically account for 20% of the market."
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It still qualifies as legal currency, and there is a sizable exchange window available. Therefore, the fact that it is legal tender alone has allayed people's fears, according to the SBI official. Khara said, "As the withdrawn currency notes continue to be a legal tender with a 'fairly wide window given for exchange', people are not anxious."
On May 19, the RBI made the unexpected decision to remove all Rs 2,000 banknotes from circulation. Regardless, Rs. 2,000 notes would still be accepted as payment.
The Rs 2,000 banknote was introduced by the central bank in November 2016 in order to meet the currency requirement of the economy after the demonetisation of all Rs 500 and Rs 1,000 denomination banknotes.
On Monday, SBI listed $750 million worth of foreign currency bonds on India INX's global securities market (GSM) at GIFT IFSC in Gandhinagar as part of its $10 billion Global Medium Note Programme. With the push for export-oriented manufacturing, the SBI chairman voiced optimism in growing the bank's foreign banking vertical.
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