Almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.
"Almost 11.85 lakh crore notes have been deposited so far," Gandhi said while addressing a press meet following the central bank's bi-monthly monetary policy review.
S.S. Mundra, deputy governor, RBI, said the impact of demonetisation on the gross domestic product (GDP) growth rate would "only be 15 basis points and it would be transient."
However, the apex bank lowered the GDP growth forecast by 50 basis points to 7.1 per cent from 7.6 per cent.
No change in key lending rates
The Reserve Bank of India (RBI) on Wednesday kept the key lending rates at 6.25 per cent during the last monetary policy review of the calendar year 2016.
With this, the repurchase rate, or the short-term lending rate charged by the central bank on borrowings by commercial banks, remains unchanged to 6.25 per cent. The reverse repurchase rate also automatically stands lowered to 5.75 per cent.
