Sbi Demonetisation

A special court in Bengaluru has sentenced a former employee of erstwhile State Bank of Mysore (now merged with SBI) to seven years of imprisonment for illegal exchange of demonetised currency notes in November 2016, officials said here on Tuesday.

Country's largest lender State Bank Of India (SBI) is yet to recalibrate 18,135 automated teller machines (ATMs) even after 21 months of demonetisation, an RTI query has revealed.

RBI has printed 3,654 million pieces of Rs 2,000 notes as on December 8

"The demonetisation exercise has resulted in net loss of seigniorage to the RBI," SBI's research report Ecowrap said.

A fall in the rate of inflation and surplus money with banks on account of demonetisation are the primary reasons for these cuts.

The decline in deposits growth is expected, as huge amounts of money that flowed into the banking system post demonetisation is now mean reverting, SBI chief economist Saumya Kanti Ghosh said.

One in two Samsung Pay-enabled devices use Samsung Pay every month, says Samsung India's Asim Warsi. 


It was alleged that over Rs 8 crore were funnelled into the banking system by opening over 2,000 accounts post November 8 when old Rs 500 and Rs 1,000 notes were scrapped.

The CBI has now registered an FIR against unknown bank officials and unknown persons for criminal conspiracy, cheating and corruption.

According to SBI research report Ecowrap, even in the span of one week (between March 17 to 24), cash withdrawal has declined by Rs 2,000 crore.

The RBI need not print the entire amount of extinguished currency because first already there was excess cash floating in the system before note-ban and secondly the pace of digitalisation has gone up leading less cash demand, SBI Research said in a report today.

Going by the average pace of printing, the remonetisation process could be completed in the first fortnight of April, an SBI report found, adding that there was excess cash floating in the system before demonetisation took place.

The upward revision in services exports is one of the main reasons in containing current account deficit, according to SBI Research.

The index of public sector banks was up over 2 per cent, with SBI and Bank of Baroda up over 2 per cent each.

On the effects of demonetisation in the banking sector, she said, "During the first four to six weeks, when it was announced, banks were working towards exchanging money and did not do much of regular works."

A special court in Bengaluru has sentenced a former employee of erstwhile State Bank of Mysore (now merged with SBI) to seven years of imprisonment for illegal exchange of demonetised currency notes in November 2016, officials said here on Tuesday.

Country's largest lender State Bank Of India (SBI) is yet to recalibrate 18,135 automated teller machines (ATMs) even after 21 months of demonetisation, an RTI query has revealed.

RBI has printed 3,654 million pieces of Rs 2,000 notes as on December 8

"The demonetisation exercise has resulted in net loss of seigniorage to the RBI," SBI's research report Ecowrap said.

A fall in the rate of inflation and surplus money with banks on account of demonetisation are the primary reasons for these cuts.

The decline in deposits growth is expected, as huge amounts of money that flowed into the banking system post demonetisation is now mean reverting, SBI chief economist Saumya Kanti Ghosh said.

One in two Samsung Pay-enabled devices use Samsung Pay every month, says Samsung India's Asim Warsi. 


It was alleged that over Rs 8 crore were funnelled into the banking system by opening over 2,000 accounts post November 8 when old Rs 500 and Rs 1,000 notes were scrapped.

The CBI has now registered an FIR against unknown bank officials and unknown persons for criminal conspiracy, cheating and corruption.

According to SBI research report Ecowrap, even in the span of one week (between March 17 to 24), cash withdrawal has declined by Rs 2,000 crore.

The RBI need not print the entire amount of extinguished currency because first already there was excess cash floating in the system before note-ban and secondly the pace of digitalisation has gone up leading less cash demand, SBI Research said in a report today.

Going by the average pace of printing, the remonetisation process could be completed in the first fortnight of April, an SBI report found, adding that there was excess cash floating in the system before demonetisation took place.

The upward revision in services exports is one of the main reasons in containing current account deficit, according to SBI Research.

The index of public sector banks was up over 2 per cent, with SBI and Bank of Baroda up over 2 per cent each.

On the effects of demonetisation in the banking sector, she said, "During the first four to six weeks, when it was announced, banks were working towards exchanging money and did not do much of regular works."