87 pc of Rs 2,000 currency notes returned as bank deposits; Rs 12,000 crore of currency yet to return: Das

Mumbai, October 6

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Reserve Bank Governor Shaktikanta Das on Friday said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks, while the rest has been exchanged across counters.

Addressing a press conference after the announcement of the bi-monthly monetary policy review, Das said Rs 12,000 crore of the Rs 3.56 lakh-crore worth of Rs 2,000 notes in circulation as on May 19, 2023, are yet to come back.

On last Saturday, the RBI had said that Rs 3.42 lakh-crore of notes had been received back as of September 29, and Rs 14,000 crore was yet to come back. The central bank had also extended the deadline for return of the notes by a week.

Das said the RBI wants to “emphatically” focus on the 4 per cent headline inflation target, and till the price rise number does not get down, the monetary policy will be “actively disinflationary”.

As the banker to the government, the RBI does not have any worry on the Central Government finances, Das said.

The “outlier” loan growth of 33 per cent as against the overall credit growth of 13-14 per cent made the RBI flag the issue of personal loans and prompt banks to take steps to avoid any risk build-up, Deputy Governor J Swaminathan said.

Das asked the financiers to “smell where the crisis is likely to come up” and take appropriate steps.

The Governor also said that the gross non-performing assets have improved in the June quarter, if one were to go by the unaudited results.