Demonetisation: Deposits soar by Rs 5.44 lakh; withdrawals cross Rs 1 lakh crore

Reserve Bank of India (RBI) on Monday said that banks in the country saw deposits rise by Rs 5.44 lakh crore between November 10 to November 18, 2016.

Within eight days of announcement of demonetisation, the banks have reported exchanges and deposits worth Rs 5.44 lakh crore, out of which Rs 33,006 crore are exchange and Rs 5.11 lakh crore are deposits, the bank said.

"They (banks) have also reported that the public have withdrawn, during this period, ₹ 1,03,316 crore from their accounts either over the counter or through ATMs," RBI said.

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Late evening on November 8, the Prime Minister Narendra Modi had announced abolishing of higher denomination of currency to curb black money in the country.