RBI sends Rs 1,000 cr ahead of Christmas

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Visakhapatnam: Keeping in view the upcominng holiday season, the Reserve Bank of India (RBI) on Monday sent Rs 1,000 crore to the banks in Srikakulam, Vizianagaram and Visakhapatnam.
The RBI made special arrangements to send the cash for distribution in nearly 1,400 branches of various banks including private, public sector and co-operative banks.
Visakhapatnam district got Rs 376 crore including Rs 116 for State Bank of India and Rs 260 crore for Andhra Bank chests. These two banks will have to co-ordinate with other banks to distribute the money as per the RBI’s instructions.
Bank sources said nearly 20% of the cash was in Rs 500 notes, while the rest was in Rs 2,000 notes.
Andhra Bank deputy general manager for Visakhapatnam district B Vijaya Lakshmi said they have to distribute the cash to 53 banks including 44 private and nationalised banks. She said this time, they received nearly Rs 60 crore in Rs 500 notes.
“Our bank received Rs 260 crore to be distributed to 53 banks in Visakhapatnam district. We have distributed nearly Rs 200 crore to other banks and kept the balance for our bank customers,” Vijaya Lakshmi said.
State Bank of India deputy general manager Ajoy Kumar Pandit said, “We have received nearly Rs 320 crore for our branches in the three north coastal districts including Rs 116 crore for Visakhapatnam district alone. This money can cater to the needs of customers for the next four to five days. However, we need more money for the rest of December.”
Meanwhile, bank sources said most of the ATM machines would work from Tuesday and supply Rs 500 and Rs 2,000 notes besides possible Rs 100 notes.