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RBI Tells Banks To Direct At Least 40 Per Cent Currency Supply To Rural Areas
Reserve Bank of India (RBI) logo on the main entrance gate of the RBI headquarters in Mumbai (INDRANIL MUKHERJEE/AFP/Getty Images)
The Reserve Bank of India (RBI) today (3 January) said the supply of currency notes in rural areas was not adequate, and asked banks to send at least 40 per cent of the supply to their rural branches. "The bank notes, being supplied to rural areas, at present, are not commensurate with the requirements of the rural population," the RBI said in a notification, adding:
The RBI asked banks to issue notes in denominations of Rs 500 and below in rural areas with liberal issuance of existing stock of notes below Rs 100. It also asked the bank chests to obtain supply of coins on priority basis and, if required, even get it issued from the central bank.
With inputs from IANS
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