Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
August 22, Tuesday 2017 6:37 PM       

       HEADLINES: Yesudas, wife reach Sabarimala for Ayyappa's darshan                                              Lal junior, Sreenath Bhasi quizzed                                              Vinayakan's death: No anticipatory bail for cops                                              Man hangs self after setting wife on fire                                              Special trains cancelled                                              SC strikes down triple talaq as 'unconstitutional' by 3:2 majority                                              Owaisi differs on triple-talaq verdict, calls it 'contentious', slams BJP                                              Trump pulls up Pak for providing safe havens to terrorists                                              US-led strikes kill 42 civilians in Syria's Raqqa                                              Afghan to become ‘graveyard’ for US: Taliban                                              India will surely win 2019 World Cup: Axar Patel                                              Pro Kabaddi League: Jaipur Pink Panthers edge past UP Yoddha                                              Dimitrov, Muguruza lift maiden Cincinnati Masters title                                              Kaumudi Facebook
       BUSINESS Next Article: CCPA recommends holding of Budget Session from Jan 31; Budget on Feb 1  
       RBI asks banks to supply 40% of notes to rural areas
 
         Posted on :18:25:03 Jan 3, 2017
   
A A
       Last edited on:18:25:03 Jan 3, 2017
         Tags: RBI, supply 40% of notes, rural areas
 
MUMBAI: To mitigate hardships of poor and marginal farmers due to cash deficit following demonetisation, the Reserve Bank today directed banks to distribute at least 40 per cent of currency notes in rural areas.
 
The 50-day exercise ended on December 30, but the cash supply situation is yet to ease in certain pockets. As a result, the government has not lifted the withdrawal ceiling of Rs 24,000 per week.
 
On observing that bank notes being supplied to rural areas is not commensurate with the local requirements, some steps have already been initiated, RBI said in a notification.
With a view to ensuring at least 40 per cent bank notes are supplied to rural areas and mitigating the issue in a more enduring manner, the banks maintaining currency chests are advised various steps, including liberal issuance of the existing stock of other denomination notes below Rs 100.
 
"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 in rural areas on a priority basis which are considered as main rural channels of distribution," it said.
 
The directive came just a couple of days after Prime Minister Narendra Modi in his address to the nation on the eve of new year exhorted banks to make efforts to restore normalcy as fast as possible and should focus on rural areas.
 
"I have asked all officers concerned in the government to focus their attention on this task. They have especially been told to proactively resolve the problems in rural and remote areas," Modi had said.
 
According to the statement, banks should follow need-based approach for supply of currency as rural requirements could vary from district to district, depending on variations in the rural and urban mix of each district.
 
Each district has different CASA deposits shares and deposit accounts.
RBI has already mapped each district of every state and also made estimates of the requirement.
 
Accordingly, all chests operating in a district must issue bank notes to distribution channels in the indicated proportion, it said.
 
"The indicated proportion may be maintained on a weekly average basis at each chest level as it may be difficult to stick to the proportion on daily basis," it added.
A A
       BUSINESS
Next Article: CCPA recommends holding of Budget Session from Jan 31; Budget on Feb 1
 
 
BUSINESS HEADLINES
PSU bank employees go on strike; services hit  
Johnson & Johnson ordered to pay Rs. 2600 cr in lawsuit linking baby powder to cancer  
PSU bank strike on Tuesday may affect services  
Markets extend losses, Infosys pulls down Sensex  
BOI considering reduction in SB rate  
Sensex slips into red, down 29 pts in late morning deals  
Banks stare at union strike on Tuesday, services may be hit  
NABARD sanctions Rs 1,350-cr loan to Rajasthan govt  
Murthy's shadow to loom large over search for Infy CEO  
Post note ban, separatists, Reds feel "fund-starved": Jaitley  
US law firms initiate investigation against Infosys  
Infosys board approves up to Rs. 13,000 cr buyback offer  
RBI to issue new fluorescent blue Rs 50 notes  
PM to launch Rs 15k-cr road projects in Rajasthan  
Sikka quits Infosys after Murthy campaign  
Nifty snaps 3-day winning spree, down 67 pts  
Maruti rolls out sporty 'Ciaz S' at Rs 9.39 lakh  
RBI still has room to slash rate in current fiscal: Kidwai  
Our full sympathy with agitating Noida home buyers: FM  
Videocon names Rajesh Rathi as business head  
Sensex surges 235 pts as geo-political tensions ease  
Sensex jumps 191 points, ignores weak IIP data  
Trai website to soon display telcos' tariff plans: Sharma  
NPA resolution to spur credit expansion, growth: Panagariya  
Sensex, Nifty snap 5-week winning streak on profit-booking  
 
Do you support SC verdict on Triple Talaq?
Yes
 
No
 
Don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy