Reserve Bank Governor Shaktikanta Das on Friday said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters.

After the announcement of the bi-monthly monetary policy review, Das said 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.

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 deadline was extended 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. 

Rs 3.5L cr
worth of Rs 2,000 notes in circulation

Inflation forecast for FY24 at 5.4 per cent

RBI retained inflation forecast for 2023-24 at 5.4 per cent, and vowed to take timely measures to prevent spillovers of global food and fuel price shocks.
Governor Shaktikanta Das said September retail inflation number may be lower than August and July.

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