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3January
2017
The RBI on Tuesday 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 Total Investment & Insurance Solutions
"The bank notes, being supplied to
rural areas, at present, are not commensurate with the requirements of the
rural population," the Reserve Bank of India said in a notification.
With a view to ensure that at least 40
per cent bank notes were supplied to rural areas, the banks were advised to
increase the issue of currency towards the main channels of distribution in
these areas.
"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," it said.
RBI asked the 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.
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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. The Total Investment
& Insurance Solutions
As the rural requirements could vary
depending on variations in the rural and urban mix of each district, a certain
percentage of allocation has been assigned to each district by RBI to
facilitate a need based approach. The
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"The indicated proportion may be
maintained on weekly average basis at each chest level as it may be difficult
to stick to the proportion on daily basis," RBI said.The Total Investment & Insurance
Solutions
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