Deposits fall for first time since note ban

SBI, collected an incremental net deposit of Rs 1.65 lakh crore

Following the massive surge in deposits after demonetisation was announced on November 8, banks saw their aggregate deposits falling for the fortnight to December 23, according to Reserve Bank of India (RBI) data.

For the fortnight to December 23, deposits collected by banks stood at Rs 1,05,16,237 crore, down by 0.7 per cent compared with Rs 1,05,91,313 crore collected during the fortnight ended December 9, RBI said on Thursday.

During the fortnight ending November 25, deposits at banks had soared to Rs 1,05,17,719 crore from Rs 1,01,14,803 crore on November 11. Banks were flush with deposits after the government scrapped