As people across the country are grappling with cash crunch after demonetisation of Rs 500 and Rs 1,000 notes, Economic Affairs Secretary Shaktikanta Das on Monday said that the focus of the government was to activate all channels whereby cash is dispensed to the public.
Briefing the media hours after Prime Minister Narendra Modi chaired a meeting of senior Cabinet Ministers, Das said that the cash holding limit for banking correspondents has been hiked to ₹50,000. “Banking correspondent will be now allowed to withdraw cash multiple times as opposed to only once a day earlier,” he added.
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Addressing the low supply of cash in rural areas, Das announced, “Supply of cash to 1.3 lakh branch post offices will be enhanced,” adding that the government is taking steps to make 2.5 lakh points in the rural areas able to dispense cash.
Announcing that the ATMs will start dispensing currency of higher denomination, making the serpentine ques across the country shorter and avoiding the machines to be exhausted of cash, the EA Secretary said,”ATMs will from today or tomorrow start dispensing higher denomination currency of Rs 2,000.”
The Economic Affairs Secretary announced that a large number of micro-ATMs will be deployed across the country, adding that, the higher cash withdrawal limit of Rs 2,500 only for re-calibrated ATMs. He also announced that, to ease congestion at banks, there will be separate queues for those visiting to swap money
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Reiterating the government’s appeal to stay patient, Das said, “RBI has informed enough cash is available in system, there is no need for panic; situation will ease in coming days.”
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