People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks+ till November 18 following demonetisation of the higher denomination currency+ .
The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18, the Reserve Bank said in a statement.
Consequent to the announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1000 denominations from the midnight of November 8, 2016, the RBI had made arrangements for exchange and/or deposit of such notes.
The facility was available at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.
"Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 18, 2016 amounted to Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore).