RBI refutes reports of currency shortage

RBI refutes reports of currency shortage
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Mumbai (Maharashtra): Amid outrage over an alleged cash crunch in the country, the Reserve Bank of India (RBI) on Tuesday clarified that no currency shortage took place.

In an official statement, the RBI refuted media reports suggesting a shortage of currency and said sufficient cash was present in the RBI vaults and currency chests.

However, the central bank stated that printing of currency notes has been ramped up in all the four note presses.

“It has been reported in a section of the media that there is shortage of currency in certain parts of the country. It is clarified at the outset that there is sufficient cash in the RBI vaults and currency chests. Nevertheless, printing of the notes has been ramped up in all the four note presses,” the statement read.

Earlier in the day, people in various parts of the country, including Delhi, Karnataka, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh, Bihar, Telangana and Maharashtra, complained that they were unable to withdraw cash from ATMs, as these had gone dry.

To this, the RBI said the shortage could have occurred in some pockets largely due to logistical issues of replenishing ATMs frequently and the recalibration of ATMs being still underway.

However, the RBI assured that the matter was being closely examined and that it was taking steps to move currency to areas which are witnessing unusually large cash withdrawals. (ANI)