The Reserve Bank of India urged individuals to not withdraw and hoard money.
Highlights
- The government scrapped 500 and 1000 rupee notes on November 8
- The banned bills account for 86 per cent of money out of circulation
- State Bank Of India alone recieved Rs 478.68 billion since the ban
The Reserve Bank of India (RBI) said on Sunday that small denomination currency notes are available with both the central bank and with other lenders, and it urged individuals to not withdraw and hoard money.
The RBI announcement attempting to assure the public comes as anger intensified in India on Sunday with banks struggling to dispense money following the government's decision to withdraw large denomination notes in an attempt to uncover many billions of dollars in undeclared wealth.
"The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; cash is available when they need it," the RBI said in a statement on Sunday.
© Thomson Reuters 2016
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