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RBI Tells Banks To Direct At Least 40 Per Cent Currency Supply To Rural Areas
Swarajya Staff
Jan 03, 2017, 05:24 PM | Updated 05:24 PM IST
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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:
Banks should advise their currency chests to step up issuance of fresh notes to rural branches of Regional Rural Banks (RRBs), District Central Cooperative Banks (DCCBs) and commercial banks, white label ATMs and post offices on priority basis which are considered main rural channels of distribution.
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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