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Cash crunch: Bank unions write to RBI
To overcome the cash crunch, two bank unions urged RBI to ensure adequate supply of the new Rs 500 notes and bills of lower denominations.
As the lower denomination notes are not available in huge number, customers are reluctant to accept the new Rs. 2000 notes, as exchanging the notes would be tough, the unions said in a letter to RBI Governor Urjit Patel. The shortage of currency notes has resulted in quarrels between bank staffers and customers. All these are putting mental pressure on bank staffers, the unions said.
There have been instances of angry citizens locking bank branches from outside. There are also allegations of RBI supplying more number of currency notes to private banks than their public sector counterparts, the letter reads.
