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Steps Taken by Banks to Ease Pay Day Rush: 10 Things To Know

News18.com

First published: November 30, 2016, 5:46 PM IST | Updated: 4 days ago
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Steps Taken by Banks to Ease Pay Day Rush: 10 Things To Know
Representative image (Photo Credit: PTI)

New Delhi: To meet the month-end demand of lakhs of salaried employees and pensioners in the country, both private and government-owned banks in the country have taken several steps. Here are the updates:

- 39,000 ATMs of the State Bank of India in the country have been recalibrated keeping in view the demand for cash.

- Banks have been asked to open additional counters. Cash arrangement requirements are in place with respect to the salaried accounts, said SBI sources.

- Bank branches which have salary accounts or pension accounts will be provided with 20-30 percent extra cash in comparison to daily requirements, said government sources.

- Adequate manpower is being provided to banks that maintain both salary and pension accounts.

- Special camps for opening new accounts are being set up to help new employees.

- The Reserve Bank of India (RBI) will step up supply of cash to different banks till December 7th to meet pay day demands.

- RBI will step up liquidity push from Wednesday evening: Govt sources

- To beat the imminent cash crunch, several banks are setting internal daily cash withdrawal limits per account.

- According to reports, banks have also suggested large companies that they should give prepaid payment cards to their employees in lieu of cash

- Army choppers have been deployed to deliver currency in metros.

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