“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 are unusually high,” said the top bank in a statement. Earlier in the day, it was reported that several ATMs, spread across several states in the country are facing acute shortage of cash that was similar to the scenario observed after demonetisation.
New Delhi: Despite ATMs running dry across multiple states in the country, the Reserve Bank of India (RBI) on Tuesday clarified that there is no shortage of currency, adding that the situation in “some pockets” has been created due to logistical issues. It also said that it is transferring cash to all the affected locations where people are facing difficulty over cash withdrawals. “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 are unusually high,” said the top bank in a statement. Earlier in the day, it was reported that several ATMs, spread across several states in the country are facing acute shortage of cash that was similar to the scenario observed after demonetisation. Soon after the initial report emerged, Finance Minister Arun Jaitley rushed to calm the situation. He also said the government is checking with banks and the Reserve Bank of India (RBI) to ensure an adequate supply of currency. Despite the government denying reports, sources admitted that there is a shortage of Rs 500 notes and the extra printing push would require at least 5-7 days.
It has come to light that the government would start printing more Rs 500 rupee notes to tackle the situation but the new notes would take at least a week to be pumped into ATMs, confirmed banking secretary Rajeev Kumar. He reportedly said that approximately 10-12 per cent of the ATMs across the country have been affected, adding that there would be a shortage of Rs 500 notes for at least 5-7 days.
Source: http://www.timesnownews.com/business-economy/economy/article/cash-crunch-there-is-no-currency-shortage-says-rbi/218433
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