Banks with salary a/cs to get 20-30 % extra cash: 10 steps by RBI to fight payday chaos

[JANASENA]

The Reserve Bank of India and the Ministry of Finance have taken several steps to ensure there is enough cash in banks in the first week of December.

 

Snehanshu Shekhar | Posted by Kritika Banerjee

New Delhi, November 30, 2016 | UPDATED 18:16 IST

A +A -

 

 

 

As salary of government, non-government staffers and pensioners gets credited in their bank accounts today, the Reserve Bank of India and the Ministry of Finance have taken several steps to ensure smooth supply of cash in the first week of December.

ALSO READ: Salary in the times of demonetisation: Big test for Modi government in first week of December

 

 

 

1. The Reserve Bank of India will step up liquidity push from today evening.
2. RBI will increase cash supply till December 7 to meet payday demands.
3. Bank branches with salary accounts or pension accounts will be provided with 20-30 per cent extra cash over and above the daily requirement.
4. Adequate manpower will be provided to banks with salary and pension accounts.
5. For those who don't have bank account, special camps have been set up to help them open an account.
6. Adequate arrangement has been made to ensure enough cash supply at the time of salary disbursal.
7. Printing press have shifted to Rs 500 currency notes. Rs 2000 currency notes will be printed, but only intermittently.
8. Special arrangements have been made till December 7 to ensure there is no chaos over cash withdrawal.
9. Circulation of Rs 500 currency note is set to increase. More money will be pumped into the banks from this evening.
10. According to the Finance Ministry, the supply system was deliberately tightened in the last two days to ensure there was enough cash on payday.