Demonetisation: RBI says banks received Rs 5.45 trillion of high value cash

RBI also said the public have withdrawn 1.03 trillion rupees from their accounts after demonetisation

The Reserve Bank of India on Monday said banks across the country have received Rs 5.45 trillion ($79.96 billion) of 500 and 1000 rupee notes from Nov. 10-18 after the demonetisation announcement.

The total amount includes 5.12 trillion rupees ($75.1 billion) in bank deposits and 33,000 crore rupees ($ 4.85 billion) in exchange of old high value notes with new ones, a statement from RBI said.

RBI also said the public have withdrawn, during this period, 1.03 trillion rupees from their accounts either over the counter or through ATMs.

Read: Adani Gets Trolled For Tweet Favouring Demonetisation

Meanwhile, the RBI has also eased cash withdrawal rules for businesses, allowing overdraft and cash credit account holders to withdraw up to Rs. 50,000 in a week now. The central bank earlier permitted only current account holders to withdraw Rs. 50,000 in a week.

The Reserve Bank of India recently proposed opening of “Islamic window” in conventional banks for “gradual” introduction of Sharia-compliant or interest-free banking in India.

“Initially, a few simple products which are similar to conventional banking products may be considered for introduction through Islamic window of the conventional banks after necessary notification by the government,” RBI  said.

The central bank’s proposal is based on examination of legal, technical and regulatory issues regarding feasibility of introducing Islamic banking in India on the basis of recommendation of the Inter Departmental Group (IDG).