Demonetisation: With RBI ‘rationing’ cash, queues unlikely to shorten quickly

This is an automatic summary, original reduced by 63%.

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MUMBAI: Banks played down expectations of a dramatic improvement in currency availability, raising the prospect of queues lengthening as salaries get paid and people look to withdraw money from their accounts.

While much of India has become habituated to the sight of people lining up at banks and cash dispensers since the November 8 demonetisation announcement, bank officials said the message from the Reserve Bank of India is that supplies may not get any easier in the near future and that they should push digital transactions.

"We had sought a hearing with RBI as we were not allocated enough cash, but we were told that rationing of cash may continue for some time," said a banker who was present at one of several meetings with central bank officials.

"Reserve Bank has asked us to push the use of digital channels to all our customers and ensure that we bring down use of cash in the economy," said a banker.

In an interview to PTI last week, RBI Governor Urjit Patel said the central bank was monitoring the situation on a daily basis and urged people to start using debit cards and digital wallets.

Since the old Rs 500 and Rs 1,000 bills ceased to be legal tender, banks have tried to convince customers to use Internet banking, mobile banking, cards, e-wallets and digital money transfers.

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