Banks Asked To Supply 40% New Currency In Rural Areas

Banks Asked To Supply 40% New Currency In Rural Areas
Banks have been advised to issue notes in denominations of Rs 500 and below.
  • Banks have been asked to increase the supply on new currency notes to their rural branches.
  • Now, Regional Rural Banks, District Cooperative Banks, commercial banks, white label ATMs and Post Offices will have to be provided cash on a priority basis.
  • Among rural branches of the banks, the proportion of new currency has to be distributed based on the guidance issued by the RBI for each district.
  • The bank chests will have to report to the RBI every week the amount of new currency issued at each rural branch.
  • Instead of Rs 2,000 currency notes, banks have been advised to issue notes in denominations of Rs 500 and below.
  • Rural bank branches have been advised to distribute existing stock of other denominations notes below Rs 100 should liberally.
  • Banks have also been advised to obtain supply of coins from the Reserve Bank of India for distribution to public on a priority basis.
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