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RBI allays people's fears, says banks have enough small denomination currency notes

Cash Starved People In Odisha Complained That Banks Gave Them Soiled And Mutilated Notes In Exchange.

PTI | Updated on: 13 Nov 2016, 11:27:28 PM
Reserve Bank of India asks people not to fear as banks have enough small currency notes (Photo: PTI)


The Reserve bank of India sought to allay fears of cash-starved people who made serpentine queues outside ATMs in Odisha. The central bank said that people shouldn’t panic as enough cash in small denomination is available in banks.

"Small denomination currency notes are available in required numbers. People have no reason to panic," a statement issued by the RBI, Bhubaneswar, said.

The bank advised people not to hoard money.

"As there is no shortage of money in RBI and other banks, there is no reason to keep additional notes in house. People can get money when they need it," said RBI Assistant General Manager R C Bal.

"We have asked all banks to cooperate with people and meet their requirement," said RBI GM R P Mohanty.

Sources said that about 3,000 of the total 6,028 ATMs in the state are not operating. Those which had cash ran dry within a few hours.

People complained that banks gave them soiled and mutilated notes in exchange.

"I got a bundle of Rs 50 from UCO Bank's CRP Square branch here. Of 100 notes, 12 were damaged. When I drew attention of the authorities, they asked me to take Rs 2,000 notes instead," said a customer.

Asked about the mobile banking facilities in tribal-dominated areas proposed by Odisha Chief Minister Naveen Patnaik, the RBI General Manager said: "We have not started it yet. But the people can take help of Bank Correspondents (BCs) in getting their notes exchanged."

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First Published : 13 Nov 2016, 11:09:00 PM