Free Press Journal

effect: About Rs 2 lakh cr deposited in banks till Saturday afternoon, says Arun Jaitley


Indian Finance Minister Arun Jaitley speaks during a press conference in New Delhi on November 9, 2016. India's government tried to quell the panic November 8 caused by a bombshell decision to withdraw 500 and 1,000 rupee notes from circulation after cash machines ran dry and shares slid. A day after Prime Minister Narendra Modi announced the notes would no longer be legal tender in a blitz against "black money", his finance minister said replacement 500 and 2,000 rupee bills would be available from November 10 and only tax dodgers stood to lose out from the move. / AFP PHOTO / PRAKASH SINGH

New Delhi: Finance Minister Arun Jaitley said around Rs 2 lakh crore has been deposited till 12.15 pm on Saturday in banks across the country, following demonetisation of Rs 500 and Rs 1,000 notes.

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“The largest banker in the country State Bank of India (SBI) saw deposits of Rs 47,868 crore till Saturday afternoon,” Jaitley said while briefing the media here.

He said SBI’s deposit is around 20 per cent of the total deposits in all the banks in the country.

Jaitley also said that despite allegations by opposition parties that there was spike in bank deposits leading up to the demonetisation announcement, no such spike has been seen in any month, except September 2016.

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“That month the increase was because of money released on account of the Seventh Pay Commission payments,” he added.

Therefore, there is no substance in the allegations that information about demonetisation was leaked.

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Jaitley also said that it will take two-three weeks to recalibrate the ATMs across the country for the new notes. “It will be a slow process,” he said.