We need Rs 10 lakh crore in Rs 500 notes to end bank queues: SBI

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Even after 25 days there has been no respite in the Bank and ATM queues despite government’s frequent flip flops on directives and limitations being put to submit, exchange or withdraw the money from Bank.

So, the statement from the top SBI official is a yet another blow to center’s tall claims to nail down currency crunch caused by demonetisation of Rs 500 and Rs 1000 notes till December 30.

“According to our study, two months of consumption amount, Rs 10 lakh crore, is required in circulation in the markets. The queues will then disappear,” SBI Managing Director Rajnish Kumar said today.

Kumar was here to attend the Inclusive finance India Summit and stressed that 30-40 % of this amount can be online. “Out of this, at least Rs 3-4 lakh crore should move to the digital or online medium,” said Kumar.

The top SBI official pointed out that lack of enough Rs 500 currency notes was hindering the faster circulation of currency.

“Right now there is nothing between Rs 100 and Rs 2,000 notes which is causing problems. Once Rs 500 is in circulation, it will ease the situation,” he said.

He added that Rs 500 denomination notes were not available.

Wefornews Bureau

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