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RBI's R Gandhi
RBI’s Deputy Governor R Gandhi

The banks in India have received Rupees 12.44 lakh crore of old, high-value currency notes that were abolished by the Modi government last month, Reserve Bank of India Deputy Governor R Gandhi said in a brief media interaction on Tuesday.

The amount collected was received between Nov. 10 to Dec. 10, Gandhi added.

The Deputy Governor said that notice has been issued to all banks for data checking.

“Public is requested to freely use notes they have rather than holding them,” Gandhi said.

According to RBI, banks have issued Rs 4.61 lakh crore to public since Nov. 8-9 through ATMs and bank counters.

“RBI has issued 21.8 billion pieces of banknotes of various denominations since demonetisation,” Gandhi said.

Taking a strong note on the money laundering case by few banks, Gandhi said that RBI has initiated an inquiry in the cases of money laundering by various banks.

The deputy governor also said that the apex bank is keeping an eye on various transaction of banks. ‘In an operation of this size (demonetisation), there are always elements who would’ve behaved otherwise than what is expected,we’re keeping vigil,’ said R Gandhi.

The deputy governor has also added that RBI has asked banks to keep a record of new currency given to them.’There have been media reports about some of transactions noticed in various bank branches, alleged involvement of bank staff. Would like to mention that from the beginning of this process,bank employees have made efforts, majority have won appreciation,’ said deputy governor of RBI R Gandhi.