Considering the current cash crunch situations at banks and ATMs, the government increased the printing of ₹ 500 notes. The officials are hopeful that the new stock of the elusive currency will ease the situation in the next few days.
Banks across the nation continued to face cash scarcity with most of them running out of cash early in the morning. The Banks really had a hard time dealing with cash scarcity. Besides, the industry data also displayed that the supply was sharply decreased.
According to the reports, the four currency printing presses – two possessed by RBI and two government-owned have now started working in three shifts. The aim now is on intensifying the supply of ₹ 500 notes.
Apparently, the cash remained scarce on Wednesday that led the long queues to return. However, the problem may resolve soon.
Over the last couple of days, the effort had been to stock the state-run banks with cash so that the government employees can be paid on the 1st or 2nd of the month. In addition, there are an enormous number of private companies that have accounts with state-run banks.
“Supply to other banks will definitely improve. We are air-lifting 500-rupee notes. There will be some pressure initially but in the next few days it will ease,” said a government source as per a report in TOI.
With the RBI increasing supplies of cash to nearly four times of what banks have been receiving, the situation in bank branches and ATMs is expected to improve substantially. Today, the banks will make efforts to available funds at centres where they have huge numbers of salary accounts.
On the other hand, private banks too have been taking measures to distribute funds in corporations that have a salary account with them through mobile devices. “For several years now, bulk of salary withdrawals are happening through ATMs. To take care of salary demand, we have filled our ATMs with Rs 2,000 notes,” said an official with a public sector bank.