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RBI advises people against hoarding, says enough cash available at banks

The Reserve Bank of India on Sunday urged people not to repeatedly withdraw money from banks for hoarding saying that there was no shortage of cash in small denominations and enough cash was available at banks.

India TV Business Desk, Mumbai [ Published on: November 13, 2016 14:13 IST ]
Reserve Bank of India on Sunday urged people not to hoard money

The Reserve Bank of India on Sunday urged people not to repeatedly withdraw money from banks for hoarding saying that there was no shortage of cash in small denominations and enough cash was available at banks.

"The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks,” the central bank said in a statement. 

"The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it," it said. 

The advisory followed massive crowds outside all banks and ATMs across the country for a fourth straight day since the government de-monetized 500 and 1,000 rupee notes.

There was little respite for cash-starved people queuing up outside banks and ATMs today, with branches witnessing unprecedented rush since early morning. 

Due to bank closure tomorrow in some parts of the country, distressed people are thronging branches since most of the ATMs are out of cash. 

Much to people's dismay, only 60 per cent of ATMs got valid currency feed five days after Prime Minister Narendra Modi announced surprise demonetisation of two higher value currency notes. Even these 1.2 lakh ATMs (out of total 2 lakh) are running out of cash in few hours, leaving people frustrated.

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