About 80% choose to deposit Rs2000 notes instead of exchanging: Report
Hindustan TimesAbout three-fourths of Indians are choosing to deposit the recently withdrawn 2000-rupee notes into bank accounts so far rather than exchanging them for smaller denominations, with the trend likely to boost bank deposits, bankers said. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} In May, the Reserve Bank of India said it would withdraw these high-value notes from circulation and permitted their exchange or deposit until September 30. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Kotak Mahindra Bank received more than 30 billion rupees of the 2000-rupee notes till May 30, Virat Diwanji, group president and head of consumer banking said. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The initial assumption is the overall bank deposit base would increase by at least 1.5 trillion rupees, with SBI contributing 22%-25%, the SBI official said.