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Demonetization: RBI keen on rural areas
Aiming to improve the supply of new bills in the rural economy, the Reserve Bank of India today advised banks to step up issuance of fresh bank notes to their rural branches.
The apex bank added that, few steps have already been initiated after noticing that the banknotes being supplied to the rural areas "are not commensurate with the requirements of the rural population".
“Banks should advise their currency chests to step up issuance of fresh notes to rural branches of RRBs (Regional Rural Banks), DCCBs (District Central Co-operative Banks) and commercial banks, White Label ATMs in rural areas and post offices in rural areas on priority basis which are considered main rural channels of distribution,” the RBI said.
The RBI advised the banks to supply at least 40% banknotes to the rural areas and to mitigate the issue in a more enduring manner.
