Banks should supply 40% notes of Rs 500 or less to rural areas: RBI

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Banks should supply 40% notes in lower denomination to rural areas: RBI

Special Weekend News - The Reserve Bank of India (RBI) on Tuesday instructed banks to ensure that at least 40 per cent of bank notes are supplied to rural areas, in denomination of Rs 500 or below, as the notes being supplied to rural areas "are not commensurate with the requirements of rural population". Banks maintaining currency chests should step up issuance of fresh notes to rural branches of regional rural banks, district co-operative banks, other commercial banks, white label ATMs (WLAOs) and post offices in rural areas on priority basis. The distribution can be worked out by checking district level current and savings account data, sorting out rural and urban mix in every district.


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