Don't hoard cash; come to banks when you need money: RBI

The Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money.

‘The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks.

‘The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it,’ the central bank said in a statement.

Due to bank closure on Monday in some parts of the country, distressed people are thronging branches since most of the ATMs are out of cash.

• WAR ON BIG NOTES

Much to people’s dismay, only 60 per cent of ATMs got valid currency feed five days after Prime Minister Narendra Modi announced surprise demonetisation of two higher value currency notes. Even these 1.2 lakh ATMs (out of total 2 lakh) are running out of cash in few hours, leaving people frustrated.

Meanwhile, RBI, Bhubaneswar, General Manager S P Mohanty said that the pensioners can withdraw more than Rs 10,000 from their bank accounts while uncertainties prevail whether 34 lakh beneficiaries under different social security measures will get their due at appropriate time.

Mohanty said that the banks are directed to allow the pensioners to withdraw more than Rs 10,000 cash on a single day.

“The apex bank has ensured availability of currency notes of Rs 2000, Rs 100 denomination in Maoist prone areas also,” Mohanty said assuring the people, including those living in rural areas.

“Efforts are on to provide mobile bank facilities in the areas where banking services are not available,” he said.

However, the distressed people covered under different social securiy schemes like old age pension, widow pension and disability person are apprehensive on the payment.

“As these people get only Rs 300 a month as pension, we are not sure where the state government can arrange Rs 100 denomination currency notes worth Rs 135 crore for payment this month,” said a senior official at the department of social security and empowerment of persons with disabilities.

IMAGE: Crowd outside a bank in East Delhi. Photograph: Manvender Vashist/ PTI Photo