40% of all notes must go to rural areas, RBI tells banks
RBI said, "On observing that bank notes, being supplied to rural areas, at present, are not commensurate with the requirements of rural population, some steps have already been initiated."
Reserve Bank of India (RBI) on Tuesday told banks to ensure that at least 40% of bank notes must go to rural areas.
RBI said, "On observing that bank notes, being supplied to rural areas, at present, are not commensurate with the requirements of rural population, some steps have already been initiated."
It said, "Banks should advise their currency chests to step up issuance of fresh notes to rural branches of RRBs, DCCBs and commercial banks, White Label ATMs in rural areas and post offices in rural areas on priority basis which are considered main rural channels of distribution."
RBI said, "Chests should issue bank notes in denominations of Rs 500 and below. In particular ATMs, including WLAOs, may be issued Rs 500s and Rs 100s and among ATMs category, Off-site ATMs should be allocated higher proportion of cash as against on site ATMs as they are more important in last mile currency connectivity."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
02:19 PM IST