Business

India infused $74 billion of cash into banking system post Nov. 8

India infused $74 billion of cash into banking system post Nov. 8

By REUTERS

A cashier displays the new 2,000 rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/Files

The Reserve Bank of India has infused more than 5 trillion rupees ($73.66 billion) of currency notes into the banking system since Nov. 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday. This is a fraction of the 15.44 trillion rupees in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.