RBI pumped in Rs 9.2 lakh crore worth of new notes so far into banking system: Source

RBI pumped in Rs 9.2 lakh crore worth of new notes so far into banking system: Source
Workers unload boxes carrying Indian currency outside a bank in Chandigarh. Image Source: Reuters
By Reuters
Updated: Wed, Jan 18, 2017
05:19 pm
New Delhi , Reuters
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RBI's own figures indicate return of 15 lakh crore of banned notes RBI's own figures indicate return of 15 lakh crore of banned notes

The Reserve Bank of India (RBI) has injected Rs 9,20,000 crore ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary source quoted central bank governor Urjit Patel as saying on Wednesday.  

ALSO READ: India abolishes larger banknotes in fight against graft, 'black money

Patel met a parliamentary panel on finance on Wednesday to answer questions about the country`s recent move to abolish Rs 500 and Rs 1,000 notes, or 86% of the currency then in circulation, in a bid to unearth billions of dollars of unaccounted money.

About Rs 15,40,000 crore worth Rs 500 and Rs 1,000 notes were removed from circulation after the November 8 announcement from the government.

ALSO READ: RBI's own figures indicate return of 15 lakh crore of banned notes