The Reserve Bank of India (RBI) said in its monthly bulletin for September that due to the withdrawal of Rs 2,000 notes, the growth of Currency in Circulation (CIC) has come down from 8.2 percent to 4 percent.
The Reserve Bank of India (RBI) said in its monthly bulletin for September that due to the withdrawal of Rs 2,000 notes, the growth of Currency in Circulation (CIC) has come down from 8.2 percent to 4 percent. RBI said in the bulletin that till August 31, about 93 per cent of the deposits have come back into the banking system. Let us tell you that the last date for exchange of Rs 2000 notes which have been taken out of circulation is 30th September.
On September 1, the RBI said Rs 3.32 lakh crore of Rs 2,000 notes, or 93 per cent of the notes in circulation, had returned to the banking system. At the close of business on August 31, Rs 2,000 notes in circulation were worth Rs 24,000 crore.
₹2000 notes as 87 per cent deposits
Of the total notes returned to banks, about 87 per cent were in the form of deposits and the remaining 13 per cent were exchanged with lower denomination bills. RBI has requested people to change the mode of depositing notes in the remaining time. Apart from this, RBI said that as on August 25, money supply (M3) growth was at 10.8 percent, which was 8.9 percent in the same period last year.
Total deposits with banks, the largest component of M3, increased by 11.8 percent (9.0 percent a year ago). The bulletin said that SCBs credit growth has registered a slight decline amid the ongoing deposit mobilization efforts by the banking sector.
 said in its monthly bulletin for September that due to the withdrawal of Rs 2,000 notes, the growth of Currency in Circulation (CIC) has come down from 8.2 percent to 4 percent.){kind=link}