Bank branches and Post Offices in Rural Areas to Provide Rs 100 and Less denomination Notes

A bank employee counts Indian currency notes in Mumbai on June 24, 2010. India is on the hunt for a symbol to represent its rupee currency in a bid to match the US dollar, British pound, Japanese yen and the European euro. A shortlist of five designs has been drawn up based around the letter R as represented in both the Roman alphabet and Hindi script. The rupee is currently referred to by the abbreviation "Rs", "Re" or INR. AFP PHOTO/Indranil MUKHERJEE

New Delhi: The Ministry of Finance today reviewed and has taken stock of the cash availability and issuance to members of public today. Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major banks participated in the review meeting.

According to the Finance ministry, a total of over 7 crore transactions have taken place from November 9 up to mid-day of November 12 for deposit, exchange of old notes and withdrawal from ATM and over the counter. Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks.

Out of 2 lakh ATMs, about 1.2 lakh are operational. Presently only Rs.100/- notes are being disbursed from the ATMs. Recalibration (requires both software and hardware changes) of ATMs is going on, which will be completed by end of this month/ early December. Other denominations will then be disbursed by ATMs.

The ministry informed that there is sufficient cash available with RBI and Banks. They were advised step up the supply of cash to the public.

The availability of cash and issuance of cash to bank branches and Post Offices on a daily basis is being constantly monitored and necessary rebalancing being done for more efficient allocation of banknotes of requisite denominations between different areas. To cater to the requirement of rural areas, Banks were advised to supply notes of smaller denominations (Rs. 100 and less) as well as Rs. 10 coins.

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