Free Press Journal

Indore: RBI Assistant General Manager admits shortage of cash


Indore: Amid approaching salary day of service class people and acute shortage of cash in banking system, the  Reserve Bank of India (RBI) has accepted shortage of cash in its stock.

However, it asks people to follow alternate mode of payments. In this connection, pre-paid cards are likely to be launched by banks in near future.

On Wednesday, mid-term meeting of the district level consultative committee (DLCC) of bankers was held. The meeting was called to discuss cash crisis in banks. Assistant General Manager of RBI Prabhakar Jha, who specially arrived from Bhopal, admitted that there is shortage of cash at the Central bank. Though, the AGM did not disclose when the RBI will overcome the problem but he laid emphasis on alternate mode of payments rather than cash payments only.

He asked fellow bankers to urge customers to follow cashless payments system like online banking, apps, POS, Swipe machines and cheque for payments. He also advised them to launch pre-paid cards. Collector P Narahari urged the RBI AGM to ensure equality while supplying currency notes to banks. It was reported that the RBI is not supplying enough notes to small banks. Lead District Manager Mukesh Bhatt said that banks are planning to launch pre-paid cards son

Government department to go cashless from today

In the wake of cash crisis, the state government departments located in the collector’s office will go cashless from Thursday. Sources said that the admn will take alternate arrangements from Thursday.