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RBI denies reports of introducing new denomination notes as of now

Kumbakonam: RBI at present has no idea of introducing new denomination currencies, a top official of the central bank said in Kumbkonam, a place in Tamil Nadu on Sunday.

“Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to the people”, RBI Deputy Governor N S Vishwanathan said while speaking at a lecture on “credit culture and financial system.

He said NPAs (Non Performing Assets) are affecting the income and profit of banks. Banks cannot escape from the responsibility of controlling NPAs in their balance sheets, he said.

Banks are expected to base their lending decisions on a careful and prudent assessment of the financial position and repaying capacity of the borrower. Credit would be given to only the right people, he said.

Banks must have good system of credit culture, he added.

PTI