2000 Rupees Notes: The Reserve Bank of India announced the withdrawal of Rs 2000 notes from circulation on May 19, 2023, and after that Rs 2000 notes from the system are returning to banks. Due to its effect, deposits have now reached a 6-year high and in June 2023 it has reached Rs 191.6 lakh crore. Earlier this month, the RBI said that out of Rs 2000 notes, three-fourths of Rs 3.62 lakh crore notes have returned to the system. Out of this, about 85 percent of the notes came back to the banks as deposits, while the remaining notes were exchanged.
Excellent growth in deposits even annually
According to an Economic Times report, it has seen a growth of 131 percent annually and has come to Rs 191.6 lakh crore, which is the highest level in the last 6 years. This is the highest deposit after March 2017. In the last fortnight of June 2023, this deposit has reached this level due to the withdrawal of currency notes of Rs 2000 and higher interest on deposits. The number of deposits has increased at the rate of 13 percent during this period and overall, an increase of Rs 22 lakh crore has been seen in deposits during this period. While on a year-on-year basis, it stood at Rs 185.7 lakh crore.
Credit also increased
As a result, the gap between credit and deposit growth widened to 326 basis points from 875 basis points in November 2022 – an all-time high. This has been possible due to the boom seen in the last two and three fortnights. Meanwhile, an increase of 16.2 per cent was also observed in credit offtake and in the fortnight ending June 30, it has reached Rs 143.9 lakh crore with an increase of 16.2 per cent.
This increase in credit offtake is due to increase in personal loans, NBFCs, agriculture and related activities. During the same period last year, this figure stood at 14.5 per cent.
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