Residents of Gautam Budh Nagar, Ghaziabad and two neighbouring districts of Hapur and Bulandshahr can expect fresh supply of new currency notes in the New Year. The lead bank officials of the districts said that banks have placed a request for around ₹680 crore from Reserve Bank of India’s (RBI) regional office in Kanpur.
Gautam Budh Nagar lead bank manager AK Singh said the request was placed a couple of days ago by banks that have currency chests in Gautam Budh Nagar and Ghaziabad. The currency chests from different banks in two districts also supply cash to Hapur and Bulandshar.
“The demand request is yet to be accepted but we expect that a substantial share can be allowed by RBI. The new supplies will majorly have ₹500 notes. We are anticipating that cash supply will be better from January 2 and all ATMs will be adequately stocked,” Singh said.
On Friday, while raising the daily withdrawal limit for individuals, the RBI directed the banks that disbursals should predominantly be in the denomination of ₹500 notes.
“For the past three days, nearly 50% of ATMs in Gautam Budh Nagar have fallen short of cash due to non-availability. It was because the amount of ₹280 crore, procured on December 20, was rationed till December 31 and it got exhausted,” Singh added.
Meanwhile, the situation at Ghaziabad ATMs has improved as customers’ queues have shortened and new currency notes of ₹100 and ₹500 are also being dispensed.
“This time, we have requested the RBI to send us lower denomination notes of ₹100 and ₹500. This will also help ease the issue of change. The banks have also been asked to supply enough cash to rural areas. Further, out of nearly 500 ATMs in the city, around 95% are in working condition and will be stocked after the request is processed,” said RS Meena, lead bank manager, Ghaziabad.
The fresh supply of cash, presently under request, is expected to meet the recent announcement by the RBI on Friday, raising the daily ATM cash withdrawal limit from the existing ₹2,500 to ₹4500 a day for an individual from January 1. However, there was no change announced for the weekly limit which stands at ₹24,000, including from ATMs, for individuals and and ₹50,000 in case of small-time traders.