Demonetisation: Banks, government brace up for pay day challenge

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| Wednesday, November 30, 2016 - 19:45
First Published |
Demonetisation, Pay day, salaries, month end, month beginning, banks, challenge, India, demonetisation, Prime Minister, Narendra Modi

Shortage of currency will be a major hurdle for the banks as a lot of people would be waiting to withdraw their salaries

New Delhi: 22 days after Prime Minister Narendra Modi introduced demonetisation that has led to never ending queues outside banks and ATMs, along with a severe cash crunch, banks have a new challenge in front of them - the pay day for he country’s working class is less than 24 hours away!

Shortage of currency will be a major hurdle for the banks as a lot of people would be waiting to withdraw their salaries.

As of now, one can withdraw up to Rs 24,000 per week from the bank and Rs 2,500 per day from ATMs. So far about 80% of the ATMs in India have been re-calibrated to dispense the new denominations but the real challenge is to keep supplying the new currency to the ATMs and banks.

"Army choppers are being used to transport currency from our minting press. Even at a distance of 4 kilometres from the minting press, we are not opting for transport via road. The idea is to ensure faster turnaround time for refuelling, especially in north-eastern states," said an official working closely with the RBI told a leading news portal.

As per reports, over Rs 8 lakh crore in old currency has been deposited in banks, but just a little over Rs 2 lakh crore has been withdrawn.

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