According to Indian Banks’ Association, the money deposited with banks by customers crossed Rs 6 lakh crore from November 10, 2016, after government decided to demonetise Rs 500 and Rs 1,000 notes. Withdrawals, including exchange of old notes, were above of Rs 1.35 lakh crore till end of November 18. Public sector bank executives said the pressure on operation at branches will subside only when most of the ATMs are recalibrated. Thus, it is going to be a gradual process. Meanwhile, Punjab National Bank (PNB) has trimmed interest rate on fixed deposits by up to 0.25%, in line with competition. Earlier, State Bank of India slashed deposit rates by 0.15%.
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