MUMBAI: Dismissing all reports about shortage of currency at ATMs in different parts of the country, the Reserve Bank of India (RBI) has come out with the clarification that there is no shortage of currency in the country.
The RBI statement said, “It has been reported in a section of the media that there is shortage of currency in certain parts of the country. It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests. Nevertheless, printing of the notes has been ramped up in all the four note presses.”
The apex bank also explained that the shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway. RBI said it is closely monitoring both these aspects.
Further, as a matter of abundant precaution, RBI is also taking steps to move currency to areas, which are witnessing unusually large cash withdrawals.
The RBI clarification came close on the heels of the Finance Minister Arun Jaitley’s Twitter message saying that there is more than adequate currency in circulation and the banks do not face any crunch in currency notes.
Jaitley also said the shortage is 'temporary' and that it has been caused due to ‘sudden and unusual increase’ in demand in some parts of the country. Some reports had that on Monday, there were complaints of cash shortage in eastern Maharashtra, Bihar and Gujarat.
RBI dismisses currency shortage; ramps up printing
MUMBAI: Dismissing all reports about shortage of currency at ATMs in different parts of the country, the Reserve Bank of India (RBI) has come out with the clarification that there is no shortage of currency in the country.
The RBI statement said, “It has been reported in a section of the media that there is shortage of currency in certain parts of the country. It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests. Nevertheless, printing of the notes has been ramped up in all the four note presses.”
The apex bank also explained that the shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway. RBI said it is closely monitoring both these aspects.
Further, as a matter of abundant precaution, RBI is also taking steps to move currency to areas, which are witnessing unusually large cash withdrawals.
The RBI clarification came close on the heels of the Finance Minister Arun Jaitley’s Twitter message saying that there is more than adequate currency in circulation and the banks do not face any crunch in currency notes.
Jaitley also said the shortage is 'temporary' and that it has been caused due to ‘sudden and unusual increase’ in demand in some parts of the country. Some reports had that on Monday, there were complaints of cash shortage in eastern Maharashtra, Bihar and Gujarat.
