More 1.15 lakh cr more notes needed for optimal remonetisation: SBI

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On Friday, the State Bank of India(SBI) gave a statement that RBI needs to print an additional Rs 1.15 lakh crore-worth of currency notes to reach a level of optimal remonetisation, with Rs 13.12 lakh crore already in circulation as on March 24.

SBI’s research report Ecowrap states that already there was excess cash floating in the system before demonetization and secondly, the push for digital transactions has shifted a sizeable population towards less cash usage.

Before demonetization, the total currency that was in circulation was approximately Rs 17.97 lakh crores (4 November 2016 data).

SBI said that a total of Rs 14.27 lakh crore currency in circulation was enough for optimal remonetisation.

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