FM for more cash to rural areas, RBI warns erring bank officials
Banks have also been asked to remain prepared to provide details about the notes exchanged.
New Delhi: Union finance minister Arun Jaitley said on Tuesday that the government would focus on getting more cash to rural areas in the coming days to ease a cash crisis triggered after high-value banknotes were scrapped.
He made the announcement while addressing a BJP parliamentary meeting even as the Opposition continued to attack the government with millions lining up outside banks and ATMs across the country to exchange their defunct high-value notes or withdraw new bills.
The RBI also asked banks on Tuesday to take stern action against officials indulging in fraudulent practices while exchanging or depositing notes. Banks have also been asked to remain prepared to provide details about the notes exchanged or deposited on short notice. “Some bank officials are indulging in fraudulent practices,” said the RBI. Meanwhile, as many as 82,500 ATMs, which account for about 40% of cash vending machines in the country, have been recalibrated to dispense new notes.