About two lakh crore rupees deposited in banks till Saturday afternoon: Arun Jaitley

"The largest banker in the country State Bank of India (SBI) saw deposits of Rs 47,868 crore till Saturday afternoon," Jaitley said while briefing the media in New Delhi.

By: Express Web Desk | New Delhi | Updated: November 12, 2016 9:07 pm
Demonetisation, 500-1000 notes invalid,Finance Minister, Arun Jaitley, Arun Jaitley answer's on demonetisation, Banks, State Bank Of India, ATM rush, Bank rush, small denomination of currency, indian express news Union Finance Minister Arun Jaitley. (PTI Photo)

Regretting the ‘inconvenience’ caused to the people due to demonetisation, Finance Minister Arun Jaitley said around 2 lakh crore rupees has been deposited till 12.15 pm on Saturday in banks across the country, following demonetisation of Rs 500 and Rs 1,000 notes. “The largest banker in the country State Bank of India (SBI) saw deposits of Rs 47,868 crore till Saturday afternoon,” Jaitley said while briefing the media in New Delhi.

He said, SBI’s deposit is around 20 per cent of the total deposits in all the banks in the country. Jaitley also said that despite allegations by opposition parties that there was spike in bank deposits leading up to the demonetisation announcement, no such spike has been seen in any month, except September 2016. “That month the increase was because of money released on account of the Seventh Pay Commission payments,” he added. Therefore, there is no substance in the allegations that information about demonetisation was leaked.

Jaitley said that spurt in bank deposits in the July-September quarter, which Delhi Chief Minister Arvind Kejriwal attributed to selective leak of the drive to BJP friends, was on account of payment of 7th Pay Commission arrears to government employees.

Jaitley also said that it will take two-three weeks to recalibrate the ATMs across the country for the new notes. “It will be a slow process,” he said. He rejected as “irresponsible” the criticism of political parties on the government’s demonetisation drive, saying some people are having problem with the cleaning up of the system.

“Different kinds of political reactions keep coming and some of them are even irresponsible. Some people have a problem with this attempt of cleaning up the political system,” he said.

Dismissing the suggestions that one week should have been given to people to adjust, he said this would have amounted to leaving everyone to go scot-free and “this gives the whole game away (of cleaning the system)”.

(With inputs from agencies)

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First Published on: November 12, 2016 4:45 pm
  1. K
    Kds
    Nov 12, 2016 at 7:44 pm
    Sushi is enjo by all political parties. Atleast one leader has courage to do the real cleaning operation.when others are crying loudly for black moneyholders.Show his courage some respect.
    Reply
    1. K
      Kds
      Nov 12, 2016 at 7:33 pm
      The PM is the crusader against the deep rooted corruption and black money.it is the time every sensible honest taxpayer of this country should raise their voice against the nonsense propaa of corrupted political jombies.
      Reply
      1. K
        Kds
        Nov 12, 2016 at 8:06 pm
        Whom u r calling a liar?only those people whose unaccounted money got destro by this sudden blow will cry so loudly.An honest citizen will inspite of the temporary sufferings will support the move w heartedly as they have nothing to loose or fear.Even for building a bridge all has to suffer for the time being.This is cleaning the dirty part of economy.
        Reply
        1. I
          Indian
          Nov 12, 2016 at 5:47 pm
          Keep trying but at the end BJP and Modi are loosers in coming elections.
          Reply
          1. S
            Stonecold
            Nov 12, 2016 at 6:06 pm
            Mr minister just stop giving us these numbers . We are not interested. Just see how poorly planeed your drama is . You could have easily exempted people selling food items from this . Food is an essential item and no body can store food worth crores. Even private hospitals could have been exempted from day one . And this exemption should had been for at least a month . And just shut the f@#$ up . And save us from more misery by talking irrelevant. Show some empathy to fellow humans
            Reply
            1. I
              IslamForFoools
              Nov 12, 2016 at 11:12 pm
              @rajan, people with black money won't deposit money in bank as they cannot explain it or will be arrested. And now their money is equal to just papers or trash. Govt can print new currency notes as much as before if these black money holders don't deposit and that will count towards treasury of Indian govt which will be utilized to build infrastructure, modernize health system and govt hospitals with more facilities, more roads, more bridges, more buildings, more technology. I hope your peanut sized brain understand my point
              Reply
              1. T
                Tamil Selvam
                Nov 12, 2016 at 9:57 pm
                This best thing any government has done so far in this country.lt;br/gt;How ungrateful many Indians are the government is trying to bring down black money and corruption, instead of helping the government, people just complain. lt;br/gt;Few days of inconvenience will benefit the children of tomorrow. lt;br/gt;One this sure, only people with black money will complain.
                Reply
                1. A
                  abhishek
                  Nov 12, 2016 at 12:45 pm
                  He looked quite tense .....there is an old saying"Syana kaouva Goo khata he". This time Modi got hit wicket....
                  Reply
                  1. D
                    dheer ajnani
                    Nov 12, 2016 at 12:56 pm
                    shud return immediately to homeland.lt;br/gt;lt;br/gt;see what happening with millions in trouble...lt;br/gt;lt;br/gt;we are here, not like vijay mallya, whom govt never stopped from escaping to uk.lt;br/gt;lt;br/gt;dont call janta people, like, anti natl, blak marketters, corrupt crimnals, lt;br/gt;yiu hv no right to do dat.lt;br/gt;lt;br/gt;ppl work hard in india, to save over the years, for mother, for wife, children...lt;br/gt;many save in houses, most ppl do, as cash, gold to ladies, etc.lt;br/gt;so he shud NOT call us, like, corrupt, gunda, anti national, terrorrissts.lt;br/gt;lt;br/gt;there are many ppl better than him on this planet,,,lt;br/gt;lt;br/gt;if one become pm, so what???lt;br/gt;lt;br/gt; why showing so much ego, bcos power in hands for three more years, yes ???
                    Reply
                    1. A
                      alam
                      Nov 12, 2016 at 9:48 pm
                      Is mein kitna BLACK money hai
                      Reply
                      1. A
                        ananda
                        Nov 12, 2016 at 5:57 pm
                        Every multi specialty hospital demands immediate Rs.20000 deposit upon admission apart from preliminary expenses of Rs.8000 and a genuine house hold savings comes under Rs.2.50 lakhs deposit and remaining amount becomes suious at the back drop of prospective knee surgery or heart surgery costing Rs.3.00 lakhs to Rs.6.00 lakhs.Government should look into such cases.
                        Reply
                        1. A
                          anon
                          Nov 13, 2016 at 12:10 am
                          The decent people of India have suffered for too long at the cost of the corrupt. I see that they are happy right now but they are hopeful that Modiji really takes their side and helps reduce corruption in this country. What I have felt is that there is so much hatred that decent hardworking people have for the corrupt as they know that it was not due to merit but contacts and corruption that they got far ahead in the country. The next internal surgical strikes should be to (1) uncover the unholy nexus between the companies selling health insurance and the hospital's (medical professionals) and (2) the pharma companies and the medical professionals and the (3) corruption in the private sector.
                          Reply
                          1. A
                            arc
                            Nov 12, 2016 at 7:13 pm
                            Mr Jaitley, have you stood in a queue at midnight to exchange your big notes? I bet you don't have to because you already got them changed before Modi went off to Bangkok for a night of fun.
                            Reply
                            1. A
                              ashok s
                              Nov 13, 2016 at 2:12 am
                              Only netizens who want to change rs 10000 or less should be allowed in bank this will some how help to ease inconvenience cause to poor netizens. Richie rich can wait
                              Reply
                              1. A
                                ashok
                                Nov 12, 2016 at 2:00 pm
                                What is great in increase in deposit the hard earned money is being deposited and that same time the Rs4000 is being totally misused to get the black money white.The end result is unnecessary work load for the bankers with no gain for any one
                                Reply
                                1. B
                                  Bhagavath B S
                                  Nov 13, 2016 at 7:30 am
                                  bjp failed means you are died,only BJP can save our country and congress only can loot our country.
                                  Reply
                                  1. b
                                    blogger3110
                                    Nov 12, 2016 at 12:50 pm
                                    The ATMs should have been closed till they were made effective for new 2000 notes,people would go and change for new notes at the bank
                                    Reply
                                    1. b
                                      blogger3110
                                      Nov 12, 2016 at 5:58 pm
                                      The government should make things easier for people to withdraw money from their accounts.The banks should check the Debit or ATM cards with ID proof and pay against cheque and keep ATMs closed till they are ready.For those exchanging id proof should be checked and signature taken in a register instead of filling forms and giving Xerox of ID.The government must trust ordinary people and not make it time consuming.
                                      Reply
                                      1. S
                                        Sri
                                        Nov 13, 2016 at 3:50 am
                                        The money collected through these deposits will be given to businessmen friends. Like Vijay Malta they won't repay. Govt can't get black meney either in foreign countries nor from big politicians/businessmen. And not informing the people about money govt lost because there are literally no transactions happening.
                                        Reply
                                        1. C
                                          CC
                                          Nov 12, 2016 at 1:18 pm
                                          He is the biggest ia...does not come to street for at-least watching the long queues.lt;br/gt;lt;br/gt;Le Lia tune Hum Logon ka Achhe Se.
                                          Reply
                                          1. A
                                            Avi
                                            Nov 12, 2016 at 1:50 pm
                                            Mr. Crazily, tell us about the losses incurred in the domestic and international trade. India earns several times more in the trade of single day.
                                            Reply
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