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RBI assures public of enough cash availability

In the last three days of working, the statement said about Rs. 30,000 crores cash has been disbursed in currency notes of lower denominations and newly introduced Rs. 2,000 notes.
ATMs

The RBI on Sunday assured the public that there was enough cash available with it. Therefore, the public need not be anxious about the availability of currency notes and avoid visiting bank branches repeatedly to draw and hoard cash.
It also said in a statement that enough cash in small denominations was also available at the Reserve Bank and banks.

At the same time, the Indian Banks’ Association (IBA) said in a statement that banks are making all out efforts to ensure that the currency requirements of customers and public at large are met within the limits prescribed by the RBI.

In the last three days of working, the statement said about Rs. 30,000 crores cash has been disbursed in currency notes of lower denominations and newly introduced Rs. 2,000 notes. The ATMs are being recalibrated to handle new Rs. 500 and Rs. 2000 denomination notes.

IBA Chairman Rajeev Rishi appealed to the public to also use alternate service delivery channels being offered by banks like debit cards and credit cards for making payments.

In addition, payments could be made through electronic channels such as Real Time Gross Settlement, National Electronic Funds Transfer, Immediate Payments Service, net banking, Unified Payments Interface. Electronic wallets provided by banks may also be used extensively for making payments.

Meantime, the All-India Bank Officers’ Confederation (AIBOC) has demanded that the government, Reserve Bank of India (RBI) and the managements of the banks immediately arrange for protection of staff following the demonetization move.

Eknath Baliga, Joint General Secretary of AIBOC and president of Corporation Bank Officers’ Organisation, said bank employees were made hostage in many branches during very late evenings by the people who could not be attended by them. Officers had to face questions and abuses from common man for which there were no ready answers. Many bank branches were working from 10 am till midnight.

Baliga said in a press release at Mangaluru that the bank employees and officers, in particular, have always been under stress from time immemorial in the process of implementation of government plans and projects.

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