Demonetization aftermath: SBI records nearly Rs 40,000 crore cash deposits so far

Major PSU lender - State Bank of India so far has received cash deposits of approximately Rs 40,000 crore as the demonetization of high-denomination notes continue.

After being closed for a day, when the banks got opened on Thursday there were massive rush in regards to note exchange.

Till Thursday, SBI saw cash deposits of Rs 31000 crore out of which Rs 700 crore were exchanged. 

In its Q2 review meeting held today, the bank said on Friday till now it has received Rs 7,783 crore of cash deposits and out of which Rs 412 crore were exchanged. 

Arundhati Bhattacharya said," Cash is drying up but we are taking care of it. No need to panic we have 50 days in hand, nothing is going out of fashion. Till that time publicise the use of debit cards. "

The bank said, “29,176 ATMs of State Bank of India (SBI) is up and functioning, rest are expected to be operational by Tomorrow.”

She also added," Transactions were 8 lakh crore as compared to normal days of 4 lakhs."

On November 08, PM Narendra Modi announced the ban of big notes namely Rs 500 and Rs 1000 as a method to tackle blackmoney.

This second quarter September 30, 2016, SBI's net profit dropped to Rs 2538.3 crore, loss of 34.5%, as compared to Rs 3879 crore during the same period last year. 

Shares of SBI on BSE are trading at Rs at Rs 272.70 down by Rs 9 or 3.16%