A research report published by the RBI has claimed that unusual cash deposits of over 1.6 lakh crore rupees were made during the demonetisation period. <br/><br/>According to the report, 'Demonetisation and Bank Deposit Growth', excess deposits accrued to the banking system due to demonetisation are estimated to be in the range of 2.8-4.3 lakh crore rupees. <br/><br/>The report further informs that aggregate deposits grew by 14.5 percent on a 'year-on-year' basis during the note ban period as against 10.3 percent during the corresponding period of 2015.<br/><br/>A separate research paper titled 'Financialisation of savings into non-banking Financial Intermediaries' has said that demonetisation has accelerated the formalisation of economy. <br/><br/>It adds that introduction of Goods and Services Tax and regulations such as the Real Estate (Regulation and Development) Act, 2016 are likely to incentivise greater shift from physical to financial savings.<br/><br/>Both these reports were published on RBI's website as part of their new feature called 'Mint Street Memos'. These brief reports and analysis of contemporary topics will be prepared by the staff of RBI and Centre for Advanced Financial Research and Learning. <br/><br/>RBI has however clarified that the views expressed in these reports will not necessarily represent the views of the RBI.