2000 Rupee Note Deposit Deadline: On May 19, 2023, the Reserve Bank of India i.e. RBI had announced the return of 2000 rupee notes. For this, RBI has fixed the deadline on 30 September 2023. Now a new update has come regarding the return of Rs 2000 note. Country’s largest bank i.e.
SBI has said in one of its reports that with the withdrawal of Rs 2000 notes, bank deposits will increase, loan repayment will be possible and its positive effect will be seen on consumption. As of March 23, the total value of Rs 2,000 notes in the market across the country was about Rs 3.62 lakh crore, which is about 10.8% of the total currency in circulation.
Rs 1.5 lakh crore returned as deposit
On June 8, RBI governor Shaktikanta Das had said that after the announcement of the central bank, Rs 2000 currency notes worth Rs 1.8 lakh crore have returned to the system. Out of this, about 85% i.e. 1.5 lakh crore rupees have come back as deposits in banks. The remaining 2000 notes worth about Rs 30,000 crore have been converted into small currency notes.
What will be the benefit of increasing bank deposits?
It has also been said in this report of SBI that due to this decision of the Central Bank i.e. RBI, deposits in banks have increased. This was seen at a time when there was a decrease in bank deposits. This will help in bringing the Incremental Credit-Deposit (C/D) ratio to the pre-epidemic level. With this, banks will have sufficient capital and the condition of funding different sectors will also be favourable.
It has also been said in this report that at present there are ups and downs in foreign markets. In such a situation, the position of Indian banks should be such that they should be able to meet the increasing demand from the corporates so that they can complete their expansion plans.
