New Delhi, December 1: The Reserve Bank of India (RBI) has decided to double the cash flow to banks on Friday after several banks run out of cash and faced huge public pressure on the first Pay Day today. According to NDTV reports, the RBI has increased Rs 4,000 crore day for State Bank of India, after several banks across India on Thursday faced the frustration of customers standing in queues for several hours and were asked to leave without a single penny.
Today, is the first Pay Day after demonetisation was announced by Prime Minister Narendra Modi. A huge amount of crowd was seen today across ATMs and banks, where people were desperately looking for cash to buy grocery or clear their bills after November month salaries were credited in their account. The RBI has assured the government that they were ready for higher withdrawals of cash, but many banks told its customers that they were running out of cash.
On Wednesday as RBI knew that there will be an additional demand for cash, the apex bank said that they will increase the cash supply till December 7 to meet the massive demand. RBI also informed the government that all presses are printing the new 500-rupee note which will be soon available at all ATMs.
According to reports, many bank branjches across India are yet to get the new Rs 500 notes and Rs 100 notes are still in short supply. Above all most people are reluctant to accept Rs 2,000 notes, said bank officials.
Bankers across India have demanded that the RBI must increase the supply of notes to meet the increasing demand for money. As people have given a withdrawal limit of Rs 24,000 per week from banks and Rs 2,500 from ATMs a day, but most banks have said they need to stock some cash as there is not enough money in the banks.