Cash crunch will continue to haunt for next 4-5 months, says bank association
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"Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply," bank employees' union BEFI general secretary P K Biswas said.
BEFI feels that the cash crunch will make the people desperate next week as they will be receiving their salaries and would want to withdraw it.
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He also said that some people have vandalized bank properties in some branches of the public sector halted banking operations due to cash shortage post-demonetisation.
As on March this year, there were 15,707 million pieces of old Rs 500 notes and 6,326 million pieces of Rs 1,000 notes in circulation, the union said.
(image: IndiaTimes)
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