The lack of money across ATMs in the country is likely to be addressed within two weeks, with the Reserve Bank of India taking additional steps to meet demand. Experts are of the opinion that a further Rs.70,000 to R.1 lakh crore might be required for the same.
While the current currency in public hands is approximately Rs.17.5 lakh crore, there is a need for around Rs.20 lakh crore to keep up with the economic growth of India. Digital transactions account for approximately Rs.1.2 lakh crore of the current use.
Printing of currency notes will be increased to ensure there is no shortage of currency. India currently has four security printing presses which print currency for the RBI. While high denomination currency like Rs.500 and Rs.2,000 is printed in Mysore (Karnataka) and Salboni (West Bengal), smaller denomination notes are printed in Nasik (Maharashtra) and Dewas (Madhya Pradesh).
The presses in Mysore and Salboni have an annual printing capacity of 16 billion currency notes. With an estimated requirement of 140 crore more notes in circulation, these printing units are likely to print the same in around two weeks (Rs.500 denomination).
While supply of money has been hit in a number of towns and cities, metros are better off, with a number of ATMs being refilled regularly.
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