Reserve Bank Governor Shaktikanta Das said on Friday that 87 per cent of the Rs 2,000 notes withdrawn have been returned to banks as deposits, while the rest have been exchanged through counters.
Addressing a press conference after announcing the bi-monthly monetary policy review, Das said that Rs 12,000 crore of the Rs 3.56 trillion worth of Rs 2,000 notes in circulation on May 19, 2023, are yet to come back.
Last Saturday, the RBI had said that Rs 3.42 lakh crore of notes had been received back on September 29, and Rs 14,000 crore was yet to be returned. The central bank had also extended the deadline for returning the notes by a week.
Das said the RBI wants to focus “emphatically” on the nominal inflation target of 4 percent and until the price appreciation rate does not decline, monetary policy will be “actively disinflationary”.
As the government’s banker, the RBI does not have to worry about the central government’s finances, Das said.
The “extraordinary” credit growth of 33 per cent against the overall credit growth of 13-14 per cent made the RBI highlight the issue of personal loans and prompted banks to take steps to prevent any risk build-up, said Deputy Governor J. Swaminathan. .
Das asked financiers to “sniff where the crisis is likely to occur” and take appropriate action.
The governor also said gross non-performing assets improved in the June quarter, going by the unaudited results.
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First print: Oct 6, 2023 | 1:49 p.m IST