RBI says there is no shortage of small currency notes, urges people not to hoard money

MUMBAI: The Reserve Bank today said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money.

"The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it," the central bank said in a statement.

There was little respite for cash-starved people queuing up outside banks and ATMs today, with branches witnessing unprecedented rush since early morning.


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Due to bank closure tomorrow in some parts of the country, distressed people are thronging branches since most of the ATMs are out of cash.

Much to people's dismay, only 60 percent of ATMs got valid currency feed five days after Prime Minister Narendra Modi announced surprise demonetisation of two higher value currency notes. Even these 1.2 lakh ATMs (out of total 2 lakh) are running out of cash in few hours, leaving people frustrated.