RBI asks banks to be cash-ready for pensioners, armed forces

MUMBAI: RBI has asked banks to ensure cash supply for pensioners and armed forces in the wake of limited currencies in the market following cancellation of Rs 500 and Rs 1,000 notes.

The Reserve Bank said demand for cash from government officials and pensioners is expected after electronic payment of their salary or pension.

Banks are, therefore, advised to take appropriate steps in order to meet this likely demand for cash, RBI said.

It also asked them for arrangements at military outposts for cash requirements of armed forces.