Demonetisation: RBI still unable to give clear figures

A year and a half after demonetisation, the RBI has still not been able to release accurate figures. Groping in the dark, unable to account for the demonetisation period, the Reserve Bank has issued notices to banks again, asking them to resubmit their figures for that period.

The RBI has directed banks to resubmit the figures for November 10, 2016 to December 31, 2016. The banks had already submitted all their figures once, including those for this period, and the RBI is now asking for them again.

The banks have been asked to resubmit details of how many 1,000 and 500 rupee notes came in, which accounts they were deposited in, and the withdrawals.

Financial experts conclude that the RBI is not releasing the figures in order to hide the failure of demonetisation. They also point out that it is not clear what the RBI intends by asking the banks for the figures again. Since the banks have already submitted accurate figures once, these are unlikely to change.