New Delhi: RBI doubles cash flow to banks for pay day; amount increased to Rs. 4,000 crore a day for SBI, say sources.
The Reserve Bank of India has stepped up printing of currency, both old and new, and has assured greater availability of the new currency notes than the previous weeks.
A State Bank of India (SBI) executive said they had seen a 50% increase in cash supply in the last three days, which coincides with payday that has brought back long queues at banks and ATMs.
“The demand has risen in the last two days because of the need to make more payments by households and smaller businessmen given the salary days. The utility of Rs 2000 currency notes is still less because of the short supply of Rs 500 notes,” he said.
The RBI printed large quantities of 2,000-rupee notes but those aren’t circulating much in absence of smaller bills, especially the Rs 100 note.