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Kerala: Banks go cashless after initial hours

Not just the banks, even the post offices in the State received less Rs 100 notes and as a result the public were troubled.

KOZHIKODE: After the initial few hours on Thursday, many banks ran out of Rs 100 notes. A majority of the banks, especially minor branches, received a stock of less than Rs 2 lakh (Rs 100 currency) from their main branches. The common association of several banks in the District reported that a few branches of South Indian Bank, State Bank of India and State Bank of Travancore ran out of Rs 100 notes due to the demand. Not just the banks, even the post offices in the State received less Rs 100 notes and as a result the public were troubled.

“We had a good reserve of '100 notes a few weeks ago as over a period of time, Rs 500 and Rs 1,000 notes were preferred by customers, and there were no takers of notes of lesser denominations”, said a bank Manager here. “But just a few days ago, due to the dearth of Rs 500 currency, we had to use Rs 100 notes it in our eight ATMs in the region, hence we were wanting in handling this crisis. When we asked the main branch for Rs 100 notes, we were allotted only five lakh of the Rs 100 notes,” he added.

“As per the directions from our senior officials in headquarters, we even opened new counters in our complex in order to supply notes to the public”, said post office official Rajamma Unni. “Unfortunately, the counters went of no use as in the initial hours itself our stock of Rs 100 and even the new currencies got over. We were given Rs 100 notes amounting to Rs 10,000, which got over in the first hour. After that we had no other option but to close the counter, but people started shouting in front of our office”, she added.

( Source : Deccan Chronicle. )
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