Business

Demonetisation may keep slowing India’s economy says SBI report

SBI
SBI representative photo

Printing of new notes after demonetisation has costed 13 thousand crore to RBI. A report issued buy the lender of india SBI has suggested this. The report stated that if RBI has printed the 90% of the currency before demonetisation it would have costed an additional cost of 500 crore. As compared to pre demonetisation period the currency flow in market is 84 percent.

Currency Cost in crores
10 840
20 1370
50 710
100 2740
500 3980
1000 200
2000 830
Transport charges 800
Cost on coins 1500
Total cost 13000 Crore

Points from SBI report

  • According to the SBI report RBI got 15.44 lakh crore after demonetisation.
  • RBI is printing notes of 200 rupees,if RBI prints notes of 500 denomination along with 200 denomination notes than it will increase its cost.
  • SBI report says that RBI spent 6 rupees on the manufacturing of 10 rupee coin.
  • On every 500 denomination note RBI spent 2.87 rupees to 3.09 rupees. However on every 2000 denomination note RBI spent 3.54 rupees to 3.77 rupees.
  • “The demonetisation has and may continue to result in a slowing down of the Indian economy, which may adversely affect the Bank’s business,” it said.
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