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Demonetization: Payday chaos to hit banks!
Being the first day of the month as most of the people visit banks to withdraw their salaries, the chaos at the banks are expected to be more than the normal.
Regarding this, the All India Bank Employees’ Association (AIBEA) warned that if the RBI fails to provide adequate cash in view of the salary rush, it may lead to serious law and order issues.
According to the sources, RBI assured the finance ministry that it has made enough preparations to deal with the payday rush. The banks are expecting a cash crunch to last for at least a week, due to the payday rush as people take out cash for their requirements.
The RBI is likely to disburse 25-30% more cash to the banks from Wednesday night. This, however, may not be enough in case the rush is a lot more than expected.
