The banks have received Rs 11.55 lakh crore as deposits of the demonetized high currency notes as of Tuesday, Deputy Governor R Gandhi told the media on Wednesday while answering a question. This is 82.5% of the Rs 14 lakh crore that was wiped out overnight when Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 bank notes would be de-legalized as of November 8 midnight.

The government was expecting that about Rs 3 lakh crore in bank notes may not come back, wiping out that much black money held in cash within the country. However, according to the central bank, so far Rs 11.55 lakh crore has come back as deposits, a number which is only expected to go higher by December 30. Old Rs 500 and Rs 1,000 notes can be deposited in banks till December 30.

The rising level of deposits has raised concerns that hoarders of illicit cash may have found a way to convert their black money into bank deposits. The Enforcement Directorate has opened inquiries in atleast 50 bank branches to check money laundering and hawala transactions.

The RBI on Wednesday left the key rates unchanged at 6.25% going away from market expectations of a 25 - 50 bps. In the post-policy media interaction the central bank said that the demonetization move was well thought out and was not a decision made in haste.