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State Bank of India gets deposits of Rs 83702 crore in five days

Following the government's decision to demonetise the old Rs. 500 and Rs. 1,000 notes, State Bank of India (SBI), the country's largest public sector lender, has collected Rs 83,702 crore in deposits in the last five days. The country's largest lender exchanged Rs 4,146 crore of scrapped notes between November 10 and November 14, 2016.

Though several branches were closed in many parts the country on account of Gurunanak Jayanti on November 14, 2016, a number of branches, especially in southern states, were open. Withdrawals from the bank's branches stood at Rs. 9,342 crore since November 10, 2016. The bank witnessed withdrawals from ATMs to the tune of Rs 1,958 crore till November 14 up to 5 pm.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. The bank has reported 31.73% fall in its net profit at Rs 2520.96 crore for the quarter ended June 30, 2016 as compared to Rs 3692.43 crore for the same quarter in the previous year.

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