Currency situation to normalise soon: RBI governor Urjit Patel

NEW DELHI: Reserve Bank of India (RBI) Governor Urjit Patel today said that the cash crisis following the recent demonetisation in the country will normalise "soon", ANI reported.

"All efforts are being made to normalise situation in rural areas," Patel said while explaining the demonetisation and its impact to the Public Accounts Committee.

He also said that specific agencies like Financial Intelligence Unit and Income Tax Department are looking into abnormal deposits.

RBI Guv told PAC that efforts are on to normalise situation in rural areas&situation in urban areas is almost normal-Sources #DeMonetisation

— ANI (@ANI_news) January 20, 2017

Earlier this week, Patel had told the Parliamentary Standing Committee on Finance that new currency notes worth Rs 9.2 lakh crore have been introduced into the system post the removal of old notes.

Prime Minister Narendra Modi, in a surprise move on November 8, demonetised high-value currency notes in order to curb the menace of black money, sucking out 86 per cent of cash currency in circulation in the country. The total value of the demonetised Rs-1000 and Rs-500 notes was at Rs 14.6 lakh crore.