Right around 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been saved by the general population since the November 8 declaration, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.
"Right around 11.85 lakh crore notes have been deposited in this way," Gandhi said while tending to a press meet after the national bank's bi-month to month financial arrangement survey. The RBI has kept the key loaning rates unaltered in its audit.
S.S. Mundra, delegate senator, RBI, said the effect of demonetisation on the gross domestic product (GDP) development rate would "just be 15 premise focuses and it would be transient."
Be that as it may, the apex bank brought down the GDP development conjecture by 50 premise focuses to 7.1 percent from 7.6 percent.
Growth of money supply in the economy may slip to 3%