After the demonetization, Kerala deposited more than  ₹36,000 crores in banks in the state. This includes exchange of banned currencies worth  ₹1385 crores.

 

With the sudden swell in remittances, the banks have crossed their target deposit in the current financial year. But until the RBI lifts the restrictions on using the money for other businesses, the banks should keep the money in the reserve. Another ₹ 10,000 cr is expected to reach the banks by the end of December before the deadline to deposit demonetized currencies.

 

Total remittances after 8 November in Kerala

  •  ₹36,341 cr
  • Exchange of demonetized notes:  ₹1385 cr
  • Another ₹10,000 cr is expected to be deposited in the coming days. 

 

Banks in urban areas and suburbs recorded the maximum remittances in the state. The remittances in the rural centres of the SBI, for example, is  ₹83 crores while from suburbs it received  ₹3375 crores and  ₹1962 crores from city areas. 

 

The demonetized currencies are shifted regularly to 214 chests across the state. This will go to plywood factories to make pulp. 

 

District cooperative banks recieved  ₹973 crores remittance after 8 November but these banks could not add a good part of this to the accounts due to the restrictions imposed by the RBI.