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Lending rates unchanged, 12 lakh crore old notes deposited Post demonetisation: RBI

New Delhi, Wed, 07 Dec 2016 NI Wire

Post demonetisation old nearly 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited in Banks and Post offices, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.

Although the landing rates of the bank is still note changed by RBI, sot there is no good news for borrowers.

Almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.

"Almost 11.85 lakh crore notes have been deposited so far," Gandhi said while addressing a press meet following the central bank's bi-monthly monetary policy review.
The RBI has kept the key lending rates unchanged in its review.

S.S. Mundra, deputy governor, RBI, said the impact of demonetisation on the gross domestic product (GDP) growth rate would "only be 15 basis points and it would be transient."

However, the apex bank lowered the GDP growth forecast by 50 basis points to 7.1 per cent from 7.6 per cent.

--with IANS inputs


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