Wednesday, 30 November 2016

Banks planning to ration cash to meet pay day demands

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The banks are bracing themselves for chaos and further cash crunch as they gear for the pay day. The banks are rationing cash to be able to meet about half of cash demand from the public. According to sources, banks are disbursing Rs 10,000 crore via branches and ATMs per day. ATMs continue to be short of cash even as the payday cycles is set to start. Pan-India ATMs are disbursing only Rs 4,000 crore per day. As per the numbers by SBI, it alone manages approximately of 50 percent of RBI’s currency sheets. The bank is disbursing Rs 5,000-6,000 crore per day of which Rs 1,800-2,000 crore is from ATMs and remaining from the bank. However, the government sources said that the Reserve Bank has assured Finance Minister that adequate arrangements been made for the pay day. All government security presses printing the Rs 500 note.

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