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