State Bank of India (SBI), the country’s largest bank, on Friday said it received cash deposits of R39,677 crore in the first two days after demonetisation of R500 and R1,000 notes, until 6 pm on Friday to be precise, reports fe Bureau in New Delhi. On Thursday alone, R22,150 crore was collected. SBI has in recent months seen fresh deposits of about R400 crore a day; so the extra deposit collected in the first two days after demonetisation is about R38,900 crore. SBI’s share in banks deposits is 18% and in branch network is 14%.
Taking the former as yardstick, deposits received by all commercial banks over the business as usual scenario on Thursday and Friday could be around Rs 2.2 lakh crore or 15.5% of the value of the scrapped notes.
SBI Research had estimated that commercial banks would receive an influx of Rs 5.07 lakh crore in cash as a result of demonetisation. It added that actual unaccounted cash which won’t come back to the system could be significantly higher than Rs 2.5 lakh crore, a potential boost to the Reserve Bank of India’s balance sheet, enabling to transfer huge sums to the government at a later date.