1. Demonetisation: RBI taking all steps to ease public pain, says Governor Urjit Patel

Demonetisation: RBI taking all steps to ease public pain, says Governor Urjit Patel

Amid continuing public distress over the implementation of the demonetisation policy, Reserve Bank of India (RBI) governor, Urjit Patel, today claimed that RBI is taking all necessary steps to ease the pain of the citizens without blackmoney.

By: | New Delhi | Updated: November 27, 2016 6:26 PM
RBI governor Urjit Patel urged people to use cash subtitutes like debit cards to make transaction cheaper and easier. (Reuters) RBI governor Urjit Patel urged people to use cash substitutes like debit cards to make transaction cheaper and easier. (Reuters)

Amid continuing public distress over the implementation of the demonetisation policy, Reserve Bank of India (RBI) governor, Urjit Patel, today claimed that RBI is taking all necessary steps to ease the pain of the citizens without black money. Publicly speaking for the first time since the implementation of the demonetisation policy, the RBI governor also asserted that there are enough new currency notes in the central banking institution and that banks are working in a mission mode to take them to all their branches.

Over the low transaction limits from ATMs and long lines outside banks for withdrawal of currency, Urjit Patel urged people to use cash substitutes like debit cards to make transaction cheaper and easier.

The RBI governor also said that the Reserve bank and the central government is getting printing presses to work at capacity to make the new notes available in the banks to meet the increasing demand among people. On the newly introduced Rs 2,000 and Rs 500 notes, Urjit Patel said that the new currency notes have been designed in a way to make them hard to counterfeit.

Citing the need to curb the flow of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which there had been a ban on the currency notes of the denomination Rs 500 and Rs 1,000. Following the implementation of the anti-graft policy, there had been a chaotic situation among the common people of the country. And even two weeks after the note-ban implementation, people had been seen standing on ‘never-ending’ queues outside banks and ATMs, waiting for hours, to withdraw usable cash from their accounts, even as ATMs run out of cash.

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