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Against RBI’s Denial of Cash Crunch, SBI Estimates Cash Shortfall by Rs. 70,000 cr
April 24, 2018
Even as the Reserve Bank of India and Centre are assuring the people that there is no cash shortage in the country, public sector State Bank of India has estimated a cash shortage of whopping Rs. 70,000 crores.
SBI’s pegged amount is roughly the third of average monthly withdrawals at the ATMs, which makes it a cause for concern although the bank itself doesn’t think so.
In a note, SBI said that the level of currency circulation today is at par with the pre-note ban level of Rs. 17.84 trillion. It also said that an apparent cash crunch with the ATMs is probably felt because of the focus on the production of new Rs. 200 notes.
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