bin
No Result
View All Result
  • Login
  • Register
  • Home
  • Entertainment
    • Celebrities – F
    • Celebrities – M
    • Bollywood
    • Hollywood
  • Latest News
  • India
  • World
  • Technology
  • Sports News
PRICING
SUBSCRIBE
  • Home
  • Entertainment
    • Celebrities – F
    • Celebrities – M
    • Bollywood
    • Hollywood
  • Latest News
  • India
  • World
  • Technology
  • Sports News
No Result
View All Result
bin
No Result
View All Result

Home » Bank account openings jump, deposits fall on remonetization

Bank account openings jump, deposits fall on remonetization

binindia by binindia
March 15, 2017
Reading Time: 2 mins read
0
Bank account openings jump, deposits fall on remonetization

Bank account openings jump, deposits fall on remonetization – Since end-December 2016, currency in circulation rose by Rs 2.60 lakh crore, says RBI paper

Remonetization has been progressing at a fast pace, according to the data given out by Reserve Bank of India (RBI).

RELATED POSTS

Tata Motors receives order for 500 buses from Ivory Coast

At Zivame, we offer the best shopping experience: Sirisha Tadepalli

Between end-December 2016 and early March 2017, there was a net increase in currency in circulation by about Rs 2,60,000 crore, according to a paper on demonetization released by the central bank. During this period, deposits with banks also declined moderately as cash withdrawals increased after government lifted restriction on cash withdrawals.

All restrictions on cash withdrawals are lifted effective March 13.

The paper also revealed data on the Jan Dhan accounts but did not reveal data on the total number of bank accounts opened or the total money that got deposited into these accounts.

Post-demonetisation, 23.3 million new accounts were opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), bulk of which (80%) were with public sector banks according to a paper on demonetization released by the RBI. Of the new Jan Dhan accounts opened, 53.6% were in urban areas and 46.4% in rural areas. Deposits under PMJDY accounts increased significantly post demonetization according to the RBI study. The total balance in PMJDY deposit accounts peaked at Rs 74,600 crore as on December 7, 2016 from Rs 45,600 crore as on November 9, 2016 – an increase of 63.6 %.

According to bankers, there was a spurt in the normal savings bank accounts as well. For example, SBI was opening 1 crore accounts daily for November and also in December 2016 which included both the Jan Dhan and the ordinary savings accounts.

The government also capped deposits into PMJDY accounts at Rs 50,000 on November 15, 2016. Although deposits declined to Rs 64,300 crore as on March 1, 2017, they were still higher by 41 % over the level of November 9, 2016. Jan Dhan accounts contributed 4.6 % in total accretion of aggregate deposits of SCBs in the post-demonetisation

The deposit Bulk of the deposits so mobilised by SCBs have been deployed in in government bonds and corporate bonds. "Additional deposits mobilised by commercial banks have been largely deployed in liquid assets. This may be due to the expected transitory nature of the bulk of such deposits and weak demand as reflected in the subdued growth of credit," the RBI paper added.

Decline in currency in circulation on account of demonetisation led to a surge in bank deposits. The demonetised notes were accepted at bank counters till December 30, 2016. Between October 28, 2016 and January 6, 2017 (i.e., days immediately prior to and after demonetisation for which fortnightly banking system data are available), total currency in circulation declined by about Rs 8,80,000 crore. This, in turn, was largely reflected in sharp increase of about Rs 6,72,000 crore in aggregate deposits of the banking system even after outflows in NRI deposits during the period.

Tags: Bank AccountsBankscash withdrawalsdemonetizationDepositsIndia Business ReportJan Dhan AccountsPMJDYPradhan Mantri Jan Dhan YojanaPublic Sector BanksRBIremonetizationReserve Bank of IndiaSBI

Related Posts

Tata Motors receives order for 500 buses from Ivory Coast
Money

Tata Motors receives order for 500 buses from Ivory Coast

At Zivame, we offer the best shopping experience: Sirisha Tadepalli
Money

At Zivame, we offer the best shopping experience: Sirisha Tadepalli

Hong Kong carrier Cathay Pacific swings to US $74 million loss
Money

Hong Kong carrier Cathay Pacific swings to US $74 million loss

Next Post
Natyarambha- practice Bharatanatyam the digital way

Natyarambha- practice Bharatanatyam the digital way

This smart iPhone case lets you run Android on a second screen

This smart iPhone case lets you run Android on a second screen

Pratyusha never shot any film with Kamya Punjabi: Rahul Raj Singh

Aishwarya Rai Bachchan, Sonam Kapoor

Bride-to-be Sonam Kapoor personally invites Aishwarya Rai Bachchan to her wedding

FIFA refuses to take action against Saudi Arabia football team that insulted London terror victims

FIFA refuses to take action against Saudi Arabia football team that insulted London terror victims

Popular News

  • Lisa Ray

    It’s liberating to be an actor now, says Lisa Ray

    0 shares
    Share 0 Tweet 0
  • Shreya Vyas Looking Hot sexy In Half Saree

    0 shares
    Share 0 Tweet 0
  • Bhavya Sri Hot Photos in Spicy Transparent Half Saree

    0 shares
    Share 0 Tweet 0
  • Telugu Actress Karunya Latest Photo Shoots in Red Flexi Tight Pant

    0 shares
    Share 0 Tweet 0
  • Actress Honey Rose Latest Hot Photos Gallery

    0 shares
    Share 0 Tweet 0

Sponsored

Image Hosting
Free Url Shortener
Social Media
Latest Bollywood News
bin

BIN india - Latest News, Breaking News, Today’s News Headlines, News updates from India and the World. Also watch latest photos, movie review and videos based on current affairs.

Tags

aamir khan Aishwarya Rai Bachchan Akshay Kumar Alia Bhatt Amitabh Bachchan Anushka Sharma Arjun Kapoor Australia Bollywood Bollywood News Cricket Deepika Padukone Disha Patani Donald Trump Entertainment Entertainment news Hollywood India Instagram Jacqueline Fernandez Kangana Ranaut Karan Johar Kareena Kapoor Khan Katrina Kaif Kriti Sanon Parineeti Chopra Priyanka Chopra Ranbir Kapoor Ranveer Singh Saif Ali Khan Salman Khan Sara Ali Khan Shah Rukh Khan Shraddha Kapoor Sonakshi Sinha Sonam Kapoor Steve Smith Television Tollywood TV Twitter United States Varun Dhawan Virat Kohli Web Exclusive

Newsletter

Hey Friend! Before You Go…

Get the best viral stories straight into your inbox before everyone else!

SUBSCRIBE

© 2021 BIN india | Breaking News, Today’s Latest News Headlines.

No Result
View All Result
  • Home
  • Entertainment
    • Celebrities – F
    • Celebrities – M
    • Bollywood
    • Hollywood
  • Latest News
  • India
  • World
  • Technology
  • Sports News

© 2021 BIN india | Breaking News, Today’s Latest News Headlines.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.