Mumbai: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that nearly 87 per cent of the Rs 2,000 banknotes, which are being withdrawn, have been returned to the banks in form of deposits. However, he stated that notes worth Rs 12,000 crore are still in circulation
The remarks came while Das was addressing a press conference post the announcement of key decisions taken by the RBI Monetary Policy Committee (MPC) at the end of its bi-monthly meeting. “Rs 12,000 crore of the Rs 3.56 lakh crore worth of Rs 2,000 notes in circulation as on May 19, 2023 are yet to come back,” he said.
Last on Saturday, the RBI had said that Rs 3.42 lakh crore of notes had been received back as of September 29, and Rs 14,000 crore was yet to come back. The central bank had also extended the deadline for return of the notes by a week.
Das said the RBI wants to “emphatically” focus on the 4 per cent headline inflation target, and till the price rise number does not get down, the monetary policy will be “actively disinflationary”.
As the banker to the government, the RBI does not have any worry on the central government finances, Das said
The “outlier” loan growth of 33 per cent as against the overall credit growth of 13-14 per cent made the RBI flag the issue of personal loans and prompt banks to take steps to avoid any risk build-up, Deputy Governor J Swaminathan said.
Das asked the financiers to “smell where the crisis is likely to come up” and take appropriate steps.
