Note ban: SBI chief says situation will normalise by Feb-end


State Bank of India Chairman Arundhati Bhattacharya on Tuesday said the prevailing situation arising out of demonetisation will get normalised by end-February, emphasising the need to promote digitisation of economy.

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“We believe that the situation (arising out of demonetisation) will become totally normal by the end of February,” Bhattacharya told reporters at the airport here after arriving to participate in the 8th Vibrant Gujarat Global Summit (VGGS).

She said that SBI is ensuring that account holders are not made to stand in queue, by supplying adequate cash to bank branches so that money can be withdrawn at their convenience.

She also said that at the VGGS, she would try to discuss the issue of promoting digitisation.

“In the Vibrant Summit, we will try to discuss the issue of promoting digital. Currency notes will again come back into circulation, there is no doubt about that. But, if after notes are back, and we continue to behave like we did before demonetisation, then the exercise will yield no benefit,” she said.

“So, we would like to discuss the issue of promoting digital, and spread awareness about digital,” said the head of India’s largest bank.

The Centre had on November 8 last year, scrapped Rs 500 and Rs 1,000 notes, which led to long queues outside bank branches.