A man counts Indian rupee banknotes after withdrawing them from State Bank of India ATM in Kolkata. ReutersMumbai: Largest lender State Bank of India said it has collected around Rs 39,677 crore in deposits, while its branches exchanged Rs 1,666 crore since Thursday after the government scrapped Rs 500 and Rs 1,000 notes on Tuesday.
"On Thursday, cash deposits were Rs 22,150 (rpt) 22,150 crore while exchanges were Rs 723 crore. Till 6 pm today, cash deposited was Rs 17,527 crore and exchanges stood at Rs 943 crore," SBI chairperson Arundhati Bhattacharya told reporters here.
In the beginning of the press conference, however, the bank had said it had received Rs 53,000 crore since yesterday. But later clarified this with Rs 38,670 crore. She said whatever is exchanged and deposited, it has been replenished in the system.
"Hopefully, there wouldn't be any cash crunch. The only problem is logistics where I have to ensure the cash reaches the required branches and ATMs," she said.
She said all issues will be sorted in the next one or two days but there will not be any cash shortage.
The bank in just one day (Thursday) received Rs 18,000 crore in its Casa. "In one day our savings deposit have gone up by Rs 11,000 crore. Normally, deposit go up by about Rs 8,000 crore per month. Our current account deposit has gone up by 7,000 crore all in one day," she said.
Bhattacharya said with the kind of deposits flowing into the bank, the cost of funds is going to ease which may help in reduction in deposit rates and MCLR.
"This kind of a demonetization effort is very disinflationary. As it is disinflationary we believe lending rates will come down," she said.
Asked whether demonetization will affect demand, she said only demand of luxury items will be impacted.
"Overall there will be no fall in demand. Demand is actually created from the bottom..from the rural people it comes up to urban people and then upwards. So, that demand will be good," she added.
Meanwhile, Canara Bank Managing Director and CEO Rakesh Sharma told PTI the South-based public sector lender has received almost Rs 9,500 crore of deposits while it exchanged Rs 390 crore since the bank resumed operations yesterday post demonetization of high value votes.
(With agency inputs)
