Monday, February 6, 2023

Administration seeks requisitions from banks, RBI sends Rs 165 crore, crisis continues


Jamshedpur: The city continued to face cash crunch as banks as demand rose on salary day. According to information, about Rs 165 crore has been being sent by the Reserve Bank of India.

Out of the Rs 165-crore (around Rs 60 crore) will be taken by State Bank of India while the remaining amounts will be distributed amongst the five other banks having currency chest facilities namely Central Bank of India, Bank of India Bank of Baroda, Punjab National Bank, and Canara Bank (roughly amounting to Rs 21-crore each).

Chief manager SBI main branch Kumod Jha said that steps are being taken to improve the situation. The consignment of new currencies assigned for Jamshedpur branch and sent from RBI Patna could not be sent from RBI Ranchi due to some technical fault. The consignment is already on its way and will reach city any moment.

“In order to control the situation we have arranged around Rs 3-crore from our Chaibasa unit yesterday to meet our requirements at banks and ATMs. Situation will improve once the consignment reaches us and from us to various banks,” said

However, bank officials admitted that as per the demand with salary being credited tomorrow, the supply is quite slow.

“ We are facing tough situation now . Apart from the salary needs in banks by employees and officials we need amount for traders and other miscellaneous needs. The amount sent will barely last for three-four days or at the most for a week.

Our requisition to RBI was much more,” said a national bank official requesting anonymity.

East Singhbhum lead district manager and a Bank of India official, Phalguni Roy said that East Singhbhum district administration has asked all the banks to inform about their requirements and sent requisitions for further amount to RBI at the earliest.

“ We are in touch with the administration. The East Singhbhum deputy commissioner Amit Kumar had yesterday asked the bank’s district coordinators to inform on a day-to-day basis about their cash requirement and make provision for sending requisition to the RBI in view of the salary days,” said Phalguni Roy.

Meanwhile, SBI is taking steps to deal with the situation. The bank has rolled out micro ATMs. The bank is also attracting small traders to install point of sale (micro-ATMs) at their service points to prevent rush at banks.

“We are carrying out drives at commercial areas of city encouraging traders and retailers to install POS machines after opening a current account at zero rentals.

The POS machines will be installed within a week of application with proper documents,” said SBI main branch chief manager, Kumod Jha.

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