RBI’s new steps to reduce cash crisis | Fusion - WeRIndia

RBI’s new steps to reduce cash crisis

RBI’s new steps to reduce cash crisis

The sudden move of scrapping of higher denomination currency in the country made people panic. Long serpentine queues are seen in front of banks and ATMs are becoming cashless within minutes after they are loaded with cash. Bank employees are working in a hefty schedule. Several of them do not have even time to drink water and eat food. Despite, people are suffering with cash problems. The cash starved people are irate at the decision of government.

In order to bring the situation into control and to decrease cash crisis, Reserve Bank of India released new circulars to banks yesterday. The central bank anticipated these steps to help people acquire cash and solve their problems effectively.

All banks should waive off the ATM transaction charges from November 10 to December 30 for their saving bank customers. This is applicable at their own branches and other bank ATMs as well.

Current Account holders can withdraw up to ₹50,000 in a week, mostly in ₹2,000 denomination only. The account holders should be operating it for at least three months.

Micro ATMs should be placed at many locations including adjacent to village Panchayat Offices, police stations, government departments, petrol pumps and any places that need huge cash requirements. The limit of these ATMs would be increased to a minimum of ₹50,000 and they would be filled frequently.

RBI directed banks to use mobile vans for banking transactions like deposit, withdrawals and exchange in remote areas.

Banks can take the help of retired bank employees by hiring them to decrease their work load. Banks should open accounts for worker groups in tea or coffee and other plantations, sugar cooperatives, diary firms etc.

Proper protocol should be implemented by banks and separate pay-in-slips are to be used by customers for subsequent verification.

RBI asked district central cooperative banks (DCCBs) to allow customers for a withdrawal of ₹24,000 till November 24, 2016.

Task force was arranged by RBI to re-calibrate all ATMs and cash handling machines under the chairmanship of Deputy Governor, S. S. Mundra.

Image Credit: Rupixen (Free for commercial use)

Image Reference: https://pixabay.com/fr/photos/roupie-indien-inde-l-argent-4395462/

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