Banking activities related to demonetisation seems to have slumped in the last ten days.

A total
of Rs. 2.99 lakh crore was deposited in banks from November 19 to November 27, 40 per cent
less compared to Rs. 5.11 lakh crore that was deposited during November 10 to November 19,
data from Reserve Bank of India show.

Withdrawal over the counter or through ATMs saw a slight increase in the second period,
from Rs. 1.03 lakh crore to Rs. 1.13 lakh crore. Overall, Rs. 2.16 lakh crore has been withdrawn
from banks from November 10 to 27. As of March 2016, the total value of notes in circulation
was Rs. 16.42 lakh crore, of which around Rs. 14 lakh crore (86%) was in form of Rs. 500 and
Rs. 1000 notes.

It has been observed that over the counter exchange of the old currency notes of Rs. 500 and Rs.
1000 denomination has shown a declining trend, the government press release dated November
24 remarked. Data shows the decline was indeed significant. During the period of November 10
to 18, on an average, Rs. 3,667 crore was exchanged over the counter every day. However, from
November 19 to November 24 after which exchange was stopped the total amount
exchanged was just Rs. 942 crores, which means Rs. 157 crores per day, on an average. On
November 15, the government decided to use indelible ink to check multiple visits to the cash
counter for exchange, which may have led to this drop.

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Data

(In Rs. crores)

Exchange Deposits Withdrawal

Nov 10 - Nov 18 33,006 5,11,565 1,03,316

Nov 19 - Nov 27 942 2,99,468 1,13,301