Demonetisation effect: State Bank of India collects Rs 1,14,139 crore in deposits in last seven days

State Bank of India on Wednesday said it collected Rs 1,14,139 crore in deposits in last seven days after the government announced demonetisation of Rs 500 and Rs 1,000 notes.

The bank saw 240.90 lakh cash deposit transactions between November 10 and November 16 up to 7 PM, SBI said in a statement here Wednesday.

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The government announced to demonetise Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of Gurunanak Jayant in major parts of the country.

The country’s largest lender exchanged Rs 5,776 crore of old Rs 500 and Rs 1,000 notes since November 10.

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It said there were 151.93 lakh cash withdrawal transactions amounting to Rs 18,665 crore in the last seven days. People are allowed to exchange Rs 4,500 worth of old Rs 500 and Rs 1,000 notes per day. Cash withdrawal limit at ATMs is Rs 2,500 a day.

One can withdraw cash against withdrawal slip or cheque subject to a weekly limit of Rs 24,000 including withdrawals from ATMs and over the counter from the bank accounts.