Over two weeks after banknote ban, here are all steps taken by Modi govt
8 years, 4 months ago

Over two weeks after banknote ban, here are all steps taken by Modi govt

Hindustan Times  

Prime Minister Narendra Modi shocked the country on November 8 by abolishing Rs 500 and Rs 1,000 notes, which accounted for 86% of the cash in circulation. November 23 - The government says will offer Rs 210 bn rupees in farm credit to farmers November 22 - RBI sets balance kept in prepaid wallets, cards at 20,000 rupees from 10,000 til Dec 30 - Merchants can transfer up to 50,000 rupees from PPIs to banks til Dec 30 - Monthly limits on transactions via PPIs raised to 20,000 rupees for 10,000 til Dec 30 - RBI asks state-run Nabard to disburse up to 230 bn rupees for crop loans. - Caps cash withdrawals from bank accounts at Rs 10,000 per day till November 24. - Caps cash withdrawals from bank accounts at Rs 20,000 per week till November 24. - Caps cash withdrawals from ATMs at Rs 2,000 per day per card till November 18.

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History of this topic

97.76 per cent of Rs 2,000 currency notes returned, says RBI
10 months, 3 weeks ago

97.76 per cent of Rs 2,000 currency notes returned, says RBI

India TV News  

The Reserve Bank of India revealed that as of May 2, 97.76% of the Rs 2,000 currency notes in circulation since May 19, 2023, have been reintegrated into the banking system. The total value of Rs 2,000 banknotes dropped significantly from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, marking a substantial …

₹2,000 banknotes worth ₹8,470 crore still in circulation, says RBI
1 year ago

₹2,000 banknotes worth ₹8,470 crore still in circulation, says RBI

The Hindu  

More than 9 months since the Reserve Bank of India announced to withdraw ₹2000 banknotes, about ₹8,470 crore worth ₹2,000 banknotes were still in circulation as on February 29, 2024 as per updates provided by the central bank. “The total value of ₹2,000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, …

What options are available after deadline to exchange Rs 2,000 notes is over? | DETAILS
1 year, 5 months ago

What options are available after deadline to exchange Rs 2,000 notes is over? | DETAILS

India TV News  

Rs 2,000 notes deadline over: The last day for the public to avail of exchange or to deposit high-value Rs 2,000 banknotes at the banks was Saturday. According to the RBI, Rs 2,000 notes can continue to be exchanged by individuals or entities at the 19 RBI Issue Offices up to a limit of Rs 20,000 at a time; or …

Rs 3.43 Lakh Cr of Rs 2,000 Notes Have Come Back, Public Can Return Notes in RBI Offices Post Oct 8: Das
1 year, 5 months ago

Rs 3.43 Lakh Cr of Rs 2,000 Notes Have Come Back, Public Can Return Notes in RBI Offices Post Oct 8: Das

News 18  

Governor Shaktikanta Das on Friday said Rs 3.43 lakh crore of Rs 2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Addressing the customary post-policy press meet here, Das said 87 per cent of the notes which have been returned …

₹2,000 notes worth ₹3.43 lakh crore have come back: RBI Governor
1 year, 5 months ago

₹2,000 notes worth ₹3.43 lakh crore have come back: RBI Governor

The Hindu  

Governor Shaktikanta Das on October 6 said ₹3.43 lakh crore of ₹2,000 denomination notes have come back to the system so far, and reminded the public that they can return the withdrawn notes at 19 RBI offices from October 8. Addressing the customary post-policy press meet in Mumbai, Mr. Das said 87% of the notes which have been returned have …

Deadline to exchange ₹2,000 notes extended. What will happen if you miss it?
1 year, 5 months ago

Deadline to exchange ₹2,000 notes extended. What will happen if you miss it?

Hindustan Times  

The Reserve Bank of India on Saturday extended the deadline for exchanging your ₹2,000 notes till October 7. If you fail to meet the October 7 deadline, here's what will happen: RBI on May 19 had announced withdrawal of ₹ 2,000 currency notes from circulation and gave public time till September 30 to either deposit such notes in accounts or …

RBI extends deadline for exchange of ₹2,000 notes till October 7
1 year, 5 months ago

RBI extends deadline for exchange of ₹2,000 notes till October 7

The Hindu  

With about ₹0.14 lakh crore worth of ₹2,000 notes still not having found their way back into the banking system as on September 29, a day before the stipulated deadline for the general public to exchange or deposit the notes at bank branches, the Reserve Bank of India has decided to extend the deadline to October 7. 96% returned “According …

RBI extends deadline to exchange ₹2,000 notes till October 7
1 year, 5 months ago

RBI extends deadline to exchange ₹2,000 notes till October 7

Hindustan Times  

The Reserve Bank of India has extended the deadline for the exchange of ₹2000 notes till October 7. b) ₹2000 banknotes can continue to be exchanged by individuals / entities at the 19 RBI Issue Offices up to a limit of ₹20,000/- at a time. c) Individuals / Entities can tender ₹2000 banknotes at the 19 RBI Issue Offices for …

RBI says 88% of ₹2,000 notes returned to banks
1 year, 7 months ago

RBI says 88% of ₹2,000 notes returned to banks

The Hindu  

The Reserve Bank on August 1 said 88% of the ₹2,000 banknotes valued at ₹3.14 lakh crore have returned to the banking system after it announced the withdrawal of the high-value currency notes from circulation in May. According to the data received from banks, the RBI said the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh …

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt
1 year, 8 months ago

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt

Live Mint  

New Delhi: Indian banks have received ₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank of India announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha. In a surprise move, RBI announced withdrawal of ₹2,000 notes from circulation but …

‘No plan to extend’: Deadline to exchange ₹2,000 notes on Sept 30, says FinMin
1 year, 8 months ago

‘No plan to extend’: Deadline to exchange ₹2,000 notes on Sept 30, says FinMin

Hindustan Times  

The finance ministry on Monday said there is no proposal to extend the deadline for the exchange of ₹2,000 notes beyond September 30, 2023. The Reserve Bank, in a surprise move, on May 19 announced withdrawal of ₹2,000 notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. …

Withdrawal of Rs 2,000 note won't harm economy: RBI Governor Shaktikanta Das
1 year, 9 months ago

Withdrawal of Rs 2,000 note won't harm economy: RBI Governor Shaktikanta Das

India Today  

Reserve Bank of India Governor Shaktikanta Das said the withdrawal of Rs 2,000 notes won’t have any negative impact on the economy. “One thing I can clearly tell you is that the Rs 2,000 note that we are withdrawing right now will not have any negative impact on the economy," Das told news agency PTI in an interview. In fact, …

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor
1 year, 9 months ago

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Sunday said that within a month of the withdrawal order of Rs 2,000 notes, more than two-thirds of the total currency in circulation has returned to the system. Speaking in an interview with PTI, Governor Shaktikanta Das said, “More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh …

Currency In Circulation Dips To 5.3% Due To Rs 2,000 Note withdrawal; Digital Payments Rise RBI Bulletin
1 year, 9 months ago

Currency In Circulation Dips To 5.3% Due To Rs 2,000 Note withdrawal; Digital Payments Rise RBI Bulletin

ABP News  

Currency in circulation, which is the largest part of the reserve money, declined to 5.3 per cent from 8.3 per cent in the year-ago period due to the withdrawal of Rs 2,000 notes from circulation and an increase in digital mode of payments, the Reserve Bank of India said in its bulletin on Friday. The RBI also reported that reserve …

People Queue Up At Banks To Exchange Rs 2,000 Notes: WATCH
1 year, 10 months ago

People Queue Up At Banks To Exchange Rs 2,000 Notes: WATCH

ABP News  

People queued up at banks in Patna and Lucknow to exchange Rs 2,000 currency notes exchanged after RBI announced its withdrawal. Visuals of people at SBI in Patna exchanging their Rs 2,000 currency notes. Another visual of people depositing Rs 2,000 currency notes surfaced on social media. VIDEO | Visuals of SBI e-lounge customers depositing Rs 2,000 currency notes in …

Slow withdrawal: on the RBI and the ₹2,000 note
1 year, 10 months ago

Slow withdrawal: on the RBI and the ₹2,000 note

The Hindu  

The Reserve Bank of India’s May 19 announcement that ₹2,000 banknotes would be withdrawn from circulation, coming just over seven-and-a-half years since the economically deleterious demonetisation of ₹500 and ₹1,000 notes, has triggered a sense of déjà vu. While Prime Minister Narendra Modi’s decision in November 2016, to abruptly and completely rescind the legal tender status of the then available …

₹2000 note withdrawal could make people buy gold, real estate: Report
1 year, 10 months ago

₹2000 note withdrawal could make people buy gold, real estate: Report

Hindustan Times  

India withdrawing its highest value currency notes from circulation may push some consumers to buy precious metals and real estate, giving a temporary boost to Asia’s third-largest economy. “But overall if we look at the macro environment, it is more likely to be driven by fundamental factors.” The Reserve Bank of India late on Friday gave citizens until Sept. 30 …

RBI Expects Return Of Most Rs 2,000 Banknotes In Circulation By September 30: Governor Shaktikanta Das
1 year, 10 months ago

RBI Expects Return Of Most Rs 2,000 Banknotes In Circulation By September 30: Governor Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30. While the withdrawn 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange, he said. …

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban
1 year, 10 months ago

Demonetisation in India in 10 stories: Understanding the Rs. 2000 ban

The Hindu  

Published : May 20, 2023 20:21 IST - 1 MIN READ The Reserve Bank of India made a significant announcement on May 19 regarding the withdrawal of the highest denomination currency note in circulation, the Rs 2,000 note. While reaffirming its status as legal tender, the central bank stated that existing Rs 2,000 notes could be deposited or exchanged in …

India announces surprise withdrawal of highest-value banknotes
1 year, 10 months ago

India announces surprise withdrawal of highest-value banknotes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India is withdrawing its highest …

What to do with 2,000 rupee notes? How to exchange?
1 year, 10 months ago

What to do with 2,000 rupee notes? How to exchange?

India Today  

All Rs 2,000 notes need to be deposited or exchanged with the bank latest by September 30, 2023, as the Reserve Bank of India has announced the withdrawal of Rs 2,000 notes from circulation, under the clean note policy. The objective of the Reserve Bank's clean note policy is to provide good quality currency notes and coins to the citizens. …

₹2,000 banknotes withdrawal will help curb…: Ex RBI official
1 year, 10 months ago

₹2,000 banknotes withdrawal will help curb…: Ex RBI official

Live Mint  

Ex-Reserve Bank of India Deputy Governor R Gandhi has said that withdrawal of the ₹2,000 banknotes will help in curbing black money to a “great extent”, PTI reported. On Friday, the RBI announced the withdrawal of ₹2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The ₹2,000 …

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal
1 year, 10 months ago

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal

India TV News  

2,000 notes withdrawal: A day after the withdrawal of Rs 2,000 currency notes from circulation, former NITI Aayog Vice Chairman Arvind Panagariya said the RBI's decision will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. Any currency in Rs 2,000 notes …

RBI to withdraw ₹2,000 notes from circulation
1 year, 10 months ago

RBI to withdraw ₹2,000 notes from circulation

The Hindu  

The Reserve Bank of India, on May 19, decided to withdraw ₹2,000 note from circulation. “In view of the above, and in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the ₹2,000 denomination bank notes from circulation,” the RBI said. “Members of the public are encouraged to utilise the time …

Rs 2,000 notes to be withdrawn from circulation. Funny reactions flood social media
1 year, 10 months ago

Rs 2,000 notes to be withdrawn from circulation. Funny reactions flood social media

India TV News  

Rs 2,000 notes to be withdrawn: The Reserve Bank of India on Friday announced that Rs 2,000 currency notes will be withdrawn from circulation, however, the existing notes that are in circulation can either be deposited in bank accounts or exchanged by September 30, 2023. The bank notes in Rs 2,000 denomination will continue to be a legal tender, the …

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes
1 year, 10 months ago

'First Act, Second Think': Opposition as RBI withdraws Rs 2,000 notes

India Today  

The Opposition lashed out at the Centre and Prime Minister Narendra Modi after the Reserve Bank of India announced that it has decided to withdraw Rs 2,000 notes from circulation and asked people to exchange their notes by September 30. 2,000 rupee notes introduced with such fanfare after that singularly disastrous Tughlaqi firman of Nov 8 2016 are now being …

What will happen to ₹2000 notes after September 30?
1 year, 10 months ago

What will happen to ₹2000 notes after September 30?

Hindustan Times  

Clarifying the possible confusion regarding the status of the ₹2000 banknotes, the Reserve Bank of India has confirmed that the high-denomination notes will maintain their legal tender status even after September 30, 2023. To facilitate the process, the central bank has advised the public to approach their respective bank branches after May 23, 2023, for depositing and/or exchanging the ₹2000 …

RBI website crashes after announcing the scrapping of ₹2,000 notes
1 year, 10 months ago

RBI website crashes after announcing the scrapping of ₹2,000 notes

Hindustan Times  

After the Reserve Bank of India announced the scrapping of the seven-year-old ₹2000 notes, the official website of the central bank crashed as people rushed to know more details about the announcement. Earlier, the website had faced a similar fate following heavy traffic after PM Narendra Modi's surprise demonetisation of ₹500 and ₹1,000 notes in November 2016. Notably, the ₹2,000 …

Why RBI decided to withdraw ₹2000 notes within 7 years
1 year, 10 months ago

Why RBI decided to withdraw ₹2000 notes within 7 years

Hindustan Times  

The Reserve Bank of India on Friday announced its decision to withdraw the ₹2000 denomination banknotes from circulation as part of its “Clean Note Policy.” The ₹2000 banknotes were introduced in November 2016 to meet the urgent currency requirements of the economy after the withdrawal of the legal tender status of ₹500 and ₹1000 banknotes. Given these factors, the RBI …

Rs 2,000 notes to be withdrawn from circulation. Why you should not panic? | 5 points
1 year, 10 months ago

Rs 2,000 notes to be withdrawn from circulation. Why you should not panic? | 5 points

India TV News  

The Reserve Bank of India on Friday announced that Rs 2,000 currency notes will be withdrawn from circulation, however, the notes will continue to be legal tender till September 30, a statement said. RBI has asked banks to provide deposit and/or exchange facilities for Rs 2,000 notes until September 30, 2023. People can deposit, and exchange Rs 2,000 currency notes …

BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender
1 year, 10 months ago

BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender

Live Law  

The Reserve Bank of India today announced that it will withdraw ₹2000 notes from circulation. However, the currency will continue as Legal Tender.As per RBI, this denomination is not commonly used for transactions.People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said. People may deposit ₹2000 banknotes …

RBI to withdraw ₹2000 currency note from circulation
1 year, 10 months ago

RBI to withdraw ₹2000 currency note from circulation

Hindustan Times  

The Reserve Bank of India on Friday withdrew ₹2,000 currency notes from circulation. The ₹2,000 denomination bank note was introduced in November 2016 after the Modi government had introduced demonetisation of ₹500 and ₹1,000 notes. As per RBI, the objective of introducing ₹2,000 notes was met once banknotes in other denominations became available in adequate quantities. The people may deposit …

RBI to pull out ₹2,000 notes from active circulation
1 year, 10 months ago

RBI to pull out ₹2,000 notes from active circulation

The Hindu  

The Reserve Bank of India on May 19 decided to withdraw ₹2,000 denomination banknotes from circulation in pursuance of its “Clean Note Policy”. The central bank has advised the public to deposit ₹2,000 notes into their bank accounts and/or exchange them into banknotes of other denominations at any branch. “Members of the public are encouraged to utilise the time up …

RBI to withdraw Rs 2,000 notes from circulation: All you need to know
1 year, 10 months ago

RBI to withdraw Rs 2,000 notes from circulation: All you need to know

Firstpost  

The public can deposit Rs 2,000 notes into their bank accounts or exchange them for notes of other denominations at any bank branch from 23 May RBI will withdraw Rs 2,000 currency note from circulation but it will continue to be legal tender till 30 September 2023. Here’s everything that you need to know as per the RBI statement: The …

From chip rumour to withdrawal of Rs 2,000 - A look back to incidents related to demonetisation
1 year, 10 months ago

From chip rumour to withdrawal of Rs 2,000 - A look back to incidents related to demonetisation

India TV News  

Rs 2000 withdrawal: The sudden announcement by the Reserve Bank of India on Friday about the withdrawal of Rs 2,000 currency notes from circulation by September 30 sends us into a flashback when almost everyone found standing in front of banks or ATMs. Here are some major incidents related to note ban which are still vivid in our memories: Rumor …

BJP MP Sushil Modi on why ₹2,000 currency note should be phased out
2 years, 3 months ago

BJP MP Sushil Modi on why ₹2,000 currency note should be phased out

Hindustan Times  

Claiming that ₹2,000 currency note is being used for terror funding, drug trafficking and hoarding black money, Bharatiya Janata Party Rajya Sabha MP Sushil Kumar Modi on Monday demanded its gradual phase out. "While the ₹2,000 currency note was introduced by the RBI to replace the demonetised ₹500 and ₹1000 notes at a faster pace in 2016, their printing has …

'RBI stopped printing Rs 2,000 notes 3 years back, Centre should ban it in phased manner': Sushil Modi
2 years, 3 months ago

'RBI stopped printing Rs 2,000 notes 3 years back, Centre should ban it in phased manner': Sushil Modi

India TV News  

Rs 2,000 currency notes news: BJP leader Sushil Modi has issued a new statement on Rs 2000 notes that could ignite fresh debates in the country. The BJP MP from Bihar said that the Reserve Bank of India stopped printing the Rs 2,000 currency notes 3 years back as there is that it's being used for terror funding, drug trafficking, …

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur
5 years ago

No Plan To Withdraw Rs 2,000 Notes: Minister of State for Finance Anurag Thakur

ABP News  

New Delhi: Amid speculation that Centre may be veering around to discontinue high-value notes from circulation, Minister of State for Finance Anurag Thakur has said that the government has no plan to withdraw Rs 2,000 notes and these are being dispensed through many bank ATMs. In a written reply in Lok Sabha, the Minister said that in view of the …

ATMs starts dispensing more of ₹500 instead of ₹2,000
5 years, 1 month ago

ATMs starts dispensing more of ₹500 instead of ₹2,000

The Hindu  

Banks have started dispensing more of ₹500 notes instead of ₹2,000 denomination notes, a move seen as gradual phasing out of the high denomination currency. The Reserve Bank of India in an RTI response last year had said that the central bank had stopped printing ₹2,000 denomination currency notes. Although there has been no dictate from the Finance Ministry, banks …

RBI says no data on demonetised 500, 1,000 notes used at petrol pumps
6 years ago

RBI says no data on demonetised 500, 1,000 notes used at petrol pumps

The Hindu  

The RBI in reply to an RTI query said it has no data on the old 500 and 1,000 rupee notes used to pay for utility bills such as fuel at petrol pumps, which are believed to have formed a good part of the demonetised currency that returned to the banking system. After the November 8, 2016 shock decision to …

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion
6 years, 2 months ago

RBI stops printing Rs 2,000 notes; govt believes high denomination currency being used for hoarding, tax evasion

Firstpost  

The Rs 2,000 banknote is likely to be phased out from the circulation gradually The Reserve Bank of India has reportedly stopped printing Rs 2,000 currency notes as the government suspects the high denomination banknote was “being used for hoarding, tax evasion and money laundering,” a media report said. In December 2018, banker Uday Kotak had said that the outcome …

No ‘less cash’ two years post note ban
6 years, 4 months ago

No ‘less cash’ two years post note ban

The Hindu  

Thursday, November 8, marks the second anniversary of the demonetisation exercise. According to Reserve Bank of India data, currency in circulation rose to ₹19.6 lakh crore as on October 26, 2018, a 9.5% growth from two years ago. Money trail Currency in circulation increased to ₹19.6 lakh crore as on Oct. 26, 2018, from ₹17.9 lakh crore on Nov.4, 2016 …

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash
6 years, 4 months ago

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash

Firstpost  

Banks in India must dismantle ATMs and simultaneously install more and more swiping machines for their trade customers. State Bank of India has done well to limit cash withdrawals per day by its classic and maestro cardholders to Rs 20,000 from today from the hitherto generous limit of Rs 40,000 ). Indian Overseas Bank, for example, allows on its classic …

Cash transactions up after demonetisation but India’s ATM network far from adequate
6 years, 5 months ago

Cash transactions up after demonetisation but India’s ATM network far from adequate

Live Mint  

Although demonetisation seemed to put a dampener on India’s cash economy, data shows that it might not have been a lasting impact. The TCPSL report said that India witnessed significant growth in the volume of cash transactions even after demonetisation. The TCPSL report states that even though India’s urban population has adapted to digital payments and transactions, the country’s vast …

Govt rectifies anomaly, allows law enforcement agencies to hold confiscated currency notes beyond specified limits
6 years, 6 months ago

Govt rectifies anomaly, allows law enforcement agencies to hold confiscated currency notes beyond specified limits

Firstpost  

Under the Specified Bank Notes Act, 2017, banned currency notes beyond a certain limit could be held only by the Reserve Bank, its agencies, or other person authorised by it New Delhi: The Centre has come to the rescue of law enforcement agencies like tax department and Enforcement Directorate, which are faced with a unique situation of holding confiscated currency …

₹29.41 cr. spent on ferrying new notes post demonetisation
6 years, 8 months ago

₹29.41 cr. spent on ferrying new notes post demonetisation

The Hindu  

Over ₹29.41 crore was spent on using the Indian Air Force’s ultra-modern transport aircraft — the C-17 and the C-130J Super Hercules — to ferry the new ₹2,000 and ₹500 currency notes post-demonetisation, according to an RTI reply. According to the response provided by the IAF, its frontline transport aircraft, the C-17 and the C-130J Super Hercules, undertook 91 sorties …

People still hoarding cash as withdrawals outpace spending, RBI data shows India's old habits die hard
6 years, 11 months ago

People still hoarding cash as withdrawals outpace spending, RBI data shows India's old habits die hard

Firstpost  

Having speeded up printing presses to refill ATMs, RBI released data showing that people were still hoarding cash as withdrawals outpaced spending Mumbai: Having speeded up printing presses to refill banks’ empty ATMs in some parts of the country, the Reserve Bank of India released data on Wednesday showing that people were still hoarding cash as withdrawals outpaced spending. The …

Dry ATMs: Why the banks are getting the runs
6 years, 11 months ago

Dry ATMs: Why the banks are getting the runs

Deccan Chronicle  

Automated teller machines in various parts of the country are running dry; and the situation is particularly hard in Telangana and Andhra Pradesh, which border Karnataka, the land of big bucks elections. It never really went away, but property transactions and political and bureaucratic corruption that are “cash intensive” affairs somewhat slowed down. In its annual report of March 2016, …

ATM cash withdrawals rose sharply in Oct-Mar period: SBI
6 years, 11 months ago

ATM cash withdrawals rose sharply in Oct-Mar period: SBI

Live Mint  

Mumbai: More than a year after remonetization, demand for cash has sharply gone up as seen in a spike in cash withdrawals from ATMs, resulting in cash crunch across some states, the State Bank of India said in a research report on Wednesday. The report, citing data from the Reserve Bank of India, showed that ATM cash withdrawals increased by …

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch
6 years, 11 months ago

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch

Firstpost  

The Reserve Bank of India will do well taking a closer look at the backyards of cash hoarders, and its own, when it attempts to determine the exact reasons for a sudden, nationwide cash crunch despite printing enough currency. Second, the RBI’s withdrawal of Rs 2,000 notes from the system spawned the cash shortage. Now, taking the difference of the …

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