RBI Rubbishes Any Cash Shortage Situation

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    After concerns over cash crunch situation at ATMs were voiced from all across the nation, RBI came in to the forefront and rubbished all such claims. In fact the central bank blamed it technical snag in automated teller units and logistical issues.

    RBI Rubbishes Any Cash Shortage Situation

    The situation is similar to the aftermath of demonetisation which scrapped high value notes of Rs. 500 and Rs. 1000. And citing the issue, the top lender in a statement said, "Printing of notes has been ramped up in all 4 note presses. The shortage may be felt in some pockets due to logistical issues at ATMs. Taking a step to move cash where demand for notes is unusually high".

    Finance minister also came in to calm the situation and said that he shall begin to take a step to check with banks and RBI and ensure adequate supply of currency. However, sources acknowledge the shortage of Rs. 500 currency notes and also said that the printing push will need a time of some 5-7 days.

    Also read Currency printing has been pushed by upto 5 times

    Minister of State for Finance (MoS) related the cash-crunch situation to be more of a state-specific issue. And iterated that the government is standing on a cash pile of Rs. 1,25,000 crore currently.

    The other reason cited by the principal economic adviser in the finance ministry is unusually high demand for currency in last few weeks.

    But the government has affirmed that it shall take all steps to ensure adequate supply of currency at ATMs with current cash crisis situation.

    Goodreturns.in

    Read more about: cash crisis atm rbi
    Story first published: Wednesday, April 18, 2018, 9:46 [IST]
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