RBI says received Rs 12.4 lakh crore in old notes; system geared up to increase circulation of new banknotes

The Reserve Bank of India (RBI) said banks received Rs 12.4 lakh crore as of December 10 in old notes of Rs 500 and Rs 1000.

RBI Deputy Governors R Gandhi and SS Mundra appreciated the bank employees for their hard work, especially post demonetisation.

Meanwhile, they said the entire system is geared up to increase circulation of new notes and urged public to use new notes in hand instead of hoarding them.

They said RBI was also keeping a watch on various data points from banks and so far, no bank was served showcause notice.

This comes in after illegal accounts having crores of illegal money were busted from Axis Bank branches in Delhi.

“We are looking into inconsistencies,” said SS Mundra. RBI also allayed fears of corruption within the system as a RBI employee was arrested in connection with a money laundering racket in Karnataka.

“The arrest person is a part of junior staff. We will take due action post investigation,” said Mundra.