Take steps to get smaller currency notes: Bandaru Dattatreya urges RBI

HYDERABAD: Union Labour Minister Bandaru Dattatreya today urged RBI officials to take steps for getting smaller denomination currency to avoid long queues in front of ATMs and bank branches in Telangana.

Dattatreya, who held a meeting with the central bank officials and ministers of Telangana here, asked the banks to take measures for waiver of service charges to all the users of net banking and cards to encourage cashless transactions.

He also requested RBI officials to issue instructions to all the banks to conduct awareness camps to educate their customers on conducting cashless transactions through debit and credit cards, PoS, e-Valet and others.

"Camps should be arranged for creating awareness among women self-help groups, farmers, agriculture workers and villagers on cashless transactions," he said.

Stringent action should be taken on the erring officials and other officers of banks, post offices, where malpractices are noticed, the Union Minister said.

Dattatreya thanked all the banks and cash disbursing agencies, who have been working hard since the government announced the demonetisation of higher currency.

Out of the Rs four lakh crore currency printed in Rs 2,000 denomination, Telangana is entitled for Rs 20,000 crore and an amount of Rs 17,500 crore has been disbursed by the banks in the state, a release from Dattatreya's office said.

Ninety six per cent of the notes were in Rs 2,000 denomination and four per cent in smaller denomination. Another Rs 5,000 crore is required in smaller denominations immediately for smooth functioning of the banks, the release added.