Akhil The Reserve Bank of India Employees Association (AIRBEA) has claimed that there is a ‘severe shortage’ of small denomination notes across the country. On Monday, the Sangh expressed concern over the shortage of notes and said that due to this the common people are facing a lot of problems. Not only this, due to huge shortage of small denomination notes, the business of small traders is also being badly affected. All India Reserve Bank Employees Association has sent a letter to the Reserve Bank of India (RBI) regarding this matter. The employees’ union has claimed in its letter that the availability of 10, 20 and 50 rupee notes is almost negligible in many parts of the country, especially in towns and rural areas. However, notes of Rs 100, 200 and 500 are easily available in these areas.
Common people are facing many types of problems
The employees’ union, in a letter to Deputy Governor T. Rabi Shankar, in-charge of the currency management department of RBI, said that most of the notes dispensed from ATMs are of high denomination. Apart from this, bank branches are also not able to provide small amount notes of Rs 10, 20, 50 to the customers. The Reserve Bank of India employees’ organization said that in such a situation it has become very difficult for people to transact in cash for local transport, grocery purchases and other daily needs. AIRBEA said that despite the promotion of digital payments, the total currency in circulation is continuously increasing.
Employees union gave suggestions to the Reserve Bank to improve the situation
According to the employees union, digital payment cannot be a complete substitute for the large population dependent on cash for everyday needs. Apart from this, efforts to replace small denomination notes with coins have also not been successful due to lack of adequate availability. AIRBEA demanded immediate intervention of the Reserve Bank in this matter and said that adequate circulation of small denomination notes should be ensured through banks and RBI counters. Apart from this, it has also been suggested to restart ‘Coin Fair’ for wider circulation of coins. This coin fair can be organized in collaboration with Panchayats, cooperative institutions, regional rural banks and self-help groups.
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