Currency printing presses are running at full capacity to sustain demand for new notes : RBI

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RBI is asking people to switch to other modes of payment such as debit and credit cards to reduce strain on bank branches

Bengaluru – Nov 12, 2016. RedNewswire/-

RBI on saturday said that currency printing presses are running at their full capacity, asked people to switch to other modes of payments like debit and credit cards in order to sustain the demand for new notes.

RBI said that scrapping of Rs 500/1000 notes cast a huge responsibility on the banking system to swiftly withdraw the currency in a smooth and non-disruptive way and to provide notes of other denominations.

Adequate stock of all currency notes has been kept ready at more than 4,000 locations across the country, and bank branches are linked to them for sourcing their requirements, RBI said.

“To sustain the demand, Printing Presses are printing the currency notes at full capacity so that adequate quantum of notes is available,” the central bank said in a statement.

RBI further said it also involved re-calibrating ATMs for issuance of other legal tender notes and reloading them in a matter of two days and providing the exchange facility, just after a day from the announcement.

It also entailed swift withdrawal of the scrapped notes from ATMs within a few hours of the announcement made on evening of November 8 by Prime Minister Narendra Modi.

All those for whom banking accounts under Jan Dhan Yojana are opened and cards are issued are urged to put them to use,” RBI said. Such usage, RBI added, will “alleviate the pressure” on physical currency and also enhance the experience of living in the digital world.

Banks and RBI are kept open on Saturday and Sunday too in order to meet the urgent requirements of public and to ease the situation.

The scheme for exchange of the specified bank notes for other denominations is available all across the country till December 30, 2016 and even beyond, at specified RBI offices.
RBI said that with a view to preventing misuse of the exchange facility, the authorities are “closely monitoring the information received through the reports about exchange and deposits”.
RBI also said a detailed reporting system for banks has been put in place, said that there is  enough time for people to exchange old notes and there is no need put “avoidable strain” on bank branches.
Source:PTI