RBI says enough cash in system, statements may mount pressure on branch officials

KOLKATA: The Reserve Bank of India on Sunday said that enough cash in small denominations is available at its currency chests and branches.

"Public need not be anxious; need not come over to banks repeatedly to draw and hoard; cash is available when they need it," It said in a note on its website on the fourth day of demonetisation scheme.

While this advice is aimed at soothing the nerves of the distressed crowd at bank branches and general public, many bankers believe such statements only mounts trouble for bank employees dealing with customers.

Problem aggravates when statements says cash available in the system but ground-level experience turns out to be different. Then, customers started disbelieving bank employees, one senior official at a public sector bank said.

Most ATMs which are doling out only Rs 100-note are getting dry within hours of cash replenishment. ATMs can accommodate Rs 2 lakh crore worth of Rs 100-notes but bankers are rationing cash refilling by half in several off-site machines to even out distribution.

"There is a shortage of specially built trucks used to move cash from currency chests to branches, making life difficult for us. We also need to withdraw officers from branches to accompany the trucks, slowing down the cash disbursement speed," said a banker in Bangalore.