Rajakeeyam Posted June 19, 2023 Author Share Posted June 19, 2023 The State Bank of India (SBI) has released a report explaining how the recent withdrawal of ₹ 2,000 notes could boost bank deposits, repayment of loans, and even the GDP of the country. The report said the withdrawal was a precision strike and suggested that UPI could be the new ₹ 2,000 note. According to SBI, the share of ₹ 2,000 notes in value terms was at 10.8% as on March 2023. Around 1.8 lakh crore of ₹ 2,000 notes were returned to the system where 85% or ₹ 1.5 lakh crore were received as deposits and the rest were exchanged for smaller denominations. “Even as ₹ 1.5 lakh crore of ₹ 2000-rupee notes has been deposited at the banks …This implies that the amount spent/exchanged by people over the counter is ~ ₹ 60,000 crore (Rs 1.5 lakh crores net of ₹ 90,000 crore decline in currency in circulation ~Rs 60,000 crores) …this could also result in a bank deposit boost, repayment of loans boost, consumption boost, RBI retail CBDC boost and a possible GDP boost…,” the report stated. Link to comment Share on other sites More sharing options...
gaddamhemanth Posted June 20, 2023 Share Posted June 20, 2023 16 hours ago, Rajakeeyam said: The State Bank of India (SBI) has released a report explaining how the recent withdrawal of ₹ 2,000 notes could boost bank deposits, repayment of loans, and even the GDP of the country. The report said the withdrawal was a precision strike and suggested that UPI could be the new ₹ 2,000 note. According to SBI, the share of ₹ 2,000 notes in value terms was at 10.8% as on March 2023. Around 1.8 lakh crore of ₹ 2,000 notes were returned to the system where 85% or ₹ 1.5 lakh crore were received as deposits and the rest were exchanged for smaller denominations. “Even as ₹ 1.5 lakh crore of ₹ 2000-rupee notes has been deposited at the banks …This implies that the amount spent/exchanged by people over the counter is ~ ₹ 60,000 crore (Rs 1.5 lakh crores net of ₹ 90,000 crore decline in currency in circulation ~Rs 60,000 crores) …this could also result in a bank deposit boost, repayment of loans boost, consumption boost, RBI retail CBDC boost and a possible GDP boost…,” the report stated. Boost is the secrecy of my energy,our energy, once, one my favourite ads babai Link to comment Share on other sites More sharing options...
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