RBI scrambles to respond to ‘spurt’ in cash demand

India currency

The Reserve Bank of India is rushing to respond to an unexpected “spurt” in cash demand, which appears to have led to a rash of empty ATMs in parts of the country.

Chief general manager Jose Kattoor said on April 17 there is “sufficient cash” in the RBI vaults and regional cash centres. “Nevertheless, printing of the notes has been ramped up in all the four note presses,” he said in a statement.

“The shortage may be felt in some pockets largely due to logistical issues of replenishing ATMs

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