New Delhi: At least Rs 10 lakh crore must be in circulation for the long queues at banks to end but the pressing need is the missing Rs 500 currency, a top SBI official said on Monday.
"According to our study, two months of consumption amount, Rs 10 lakh crore, is required in circulation in the markets. The queues will then disappear," SBI Managing Director Rajnish Kumar said.
"Out of this, at least Rs 3-4 lakh crore should move to the digital or online medium," Mr Kumar added at the Inclusive finance India Summit in New Delhi.
The State Bank of India official pointed out that lack of enough Rs 500 notes was hindering the faster circulation of currency.
He added that Rs 500 denomination notes were not available.
"According to our study, two months of consumption amount, Rs 10 lakh crore, is required in circulation in the markets. The queues will then disappear," SBI Managing Director Rajnish Kumar said.
"Out of this, at least Rs 3-4 lakh crore should move to the digital or online medium," Mr Kumar added at the Inclusive finance India Summit in New Delhi.
The State Bank of India official pointed out that lack of enough Rs 500 notes was hindering the faster circulation of currency.
Advertisement
He added that Rs 500 denomination notes were not available.
Advertisement
COMMENTS
Advertisement
Share Of Rs 500 Note Jumps To 86.5% After Rs 2,000 Note Withdrawn: RBI "I Had To Dissent": Justice Nagarathna On Demonetisation Judgment Banned Currency Notes With Face Value Rs 47 Lakh Seized In Madhya Pradesh World's Largest Isolated Tribe Makes Rare Appearance In New Footage 2 Passengers Die As Chandigarh-Dibrugarh Express Derails In UP Why BJP Lost Lok Sabha Polls In Uttar Pradesh - 6 Reasons In Party Report Rs 2,500 Crore Crypto Scam Key Accused Arrested By Himachal Pradesh Police 10 Surprising Habits That Can Boost Longevity US Business Tycoon J Michael Cline Dies After Falling From Hotel Track Latest News Live on NDTV.com and get news updates from India and around the world.