The Reserve Bank of India governor, Shaktikanta Das announced to keep the repo rate unchanged at 6.5%, in the latest MPC meeting reportedly.
No Intention Of Removing Rs 500 or Rs 1000 Notes
While addressing the Post Monetary Policy briefing on Thursday, the Reserve Bank of India governor Shaktikanta Das said that there is no intention to remove Rs 500 banknotes or reintroduce Rs 1,000 denomination notes at this time, calling it speculation.
Interestingly, the development comes after the central bank asked that holders deposit or exchange their Rs 2000 notes.
Further Das said, “RBI not thinking of withdrawing Rs 500 notes, or re-introducing notes in Rs 1,000 denomination; request public not to speculate.”
Exchanging And Depositing Rs 2000 Notes
So far, Rs 1.80 lakh cr of Rs 2,000 notes, representing nearly half of the outstanding notes in the withdrawn denomination, have returned back, informed RBI governor, talking to reporters.
Further, Governor Das appealed to not rush for depositing the notes at the last moment.
Adding, “I would like to request the public to go to bank branches to deposit or exchange ₹2,000 currency notes at their convenience. There is no reason to rush. Please do not rush in the last 10-15 days of September.”
He said that approximately 85 percent of Rs 2,000 notes that have come back are as deposits to banks, which is in line with expectations.
The RBI announced to keep the repo rate unchanged at 6.5%, in the latest MPC meeting.
Further, confirmed to remain focussed on withdrawal of accommodation of policy stance.
