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SBI need Rs 500 notes to end bank queues

Delhi, Mon, 05 Dec 2016 NI Wire

After the government demonetisation move, the long queues outside banks and ATMs were seen and after around one month these long queues are not ending. For this problem the State Bank of Inida demanded Rs 500 notes from government to end long queues at banks for circulation.

A top SBI official said, at least Rs 10 lakh crore must be in circulation for the long queues at banks to end but the pressing need is the missing Rs 500 currency.

The Managing Director of State Bank of India, Rajnish Kumar said, “According to our study, two months of consumption amount, Rs 10 lakh crore, is required in circulation in the markets. The queues will then disappear.”

He further added at the Inclusive finance India Summit, “Out of this, at least Rs 3-4 lakh crore should move to the digital or online medium.”

Thousands of people have been queuing up at banks and ATMs across the country daily since the announcement was made by the government on November 8.

The SBI officially pointed out that lack of enough Rs 500 notes was hindering the faster circulation of currency.

Kumar said, “Right now there is nothing between Rs 100 and Rs 2,000 notes which is causing problems. Once Rs 500 is in circulation, it will ease the situation.”

He added that Rs 500 denomination notes were not available and he also added that of the 49,000 SBI ATMs, 43,000 had been recalibrated. “Every day SBI ATMs are dispensing Rs 17,000-19,000 crore.”

Due to the shortage of new currency notes people are facing problems, they don’t have cash to fulfil their household needs. This problem increased because the new month has started and every common man has to pay different bills.

After the demonetisation move by the government the improper preparation for the implementation of the new currency notes leads to these problems.

--with agency inputs


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